Experts explain why gas prices are rising in ND
BISMARCK, N.D. (KFYR) - If you’ve noticed getting where you need to go has gotten more expensive, you’re not alone.
Gas prices have risen sharply the past couple months.
The national average price of a gallon of gasoline is about $2.87 and North Dakota’s average is hovering about 10 cents below that.
Experts say we haven’t seen prices this high since before the pandemic began.
Gas prices are up and drivers aren’t happy.
“It’s awful,” said Mandan resident Jason Angel.
Angel says the increases have hurt his business.
“We do work all over North Dakota, and it’s definitely taken a hit on us-- driving around town, driving all over North Dakota to build buildings,” said Angel.
Experts say the surge in prices at the pump are being fueled by an increase in demand and a lack of supply.
“The lockdowns are letting up. We’re seeing Texas opening up on March 10. Traffic is increasing because of people becoming more mobile,” said Eugene Graner, Heartland Investor Services.
But, lack of oil is driving prices up.
“Overall oil production has been moving up slightly in the United States. But, as far as Saudi Arabia and Russia, they haven’t increased their productions,”
However, Graner says you can expect some relief in the next few weeks.
He says demand has not been as robust as anticipated.
Meanwhile, inventory has been building, which means prices could come down slightly.
Graner predicts gas prices will increase over the summer as demand continues to grow.
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