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Published: 2022-05-09 04:33:00
Updated: 2022-05-10 08:36:55
Posted May 9, 2022 4:33 a.m. EDT
Updated May 10, 2022 8:36 a.m. EDT
By Matt Talhelm, WRAL reporter and Nia Harden, WRAL reporter
The national average for both diesel fuel and regular gas hit record highs Tuesday — $5.55 for diesel and $4.37 for regular.
On March 11, North Carolina hit the highest recorded gas price in state — $4.38. In N.C. on Tuesday, the average price for regular gas was $4.15 and diesel was $5.46.
AAA reports gas prices in Raleigh are almost 27 cents higher than a month ago and stand $1.37 higher than a year ago. Find the least expensive gas in your area.
Even if you don’t use diesel, the soaring cost will have an impact on your wallet.
Grocery story prices have already risen at least 10% in the last year, and experts say the diesel price hike means more price increases could be on the way.
Economy experts say diesel prices are passed down to the cost of goods, which have to be transported in trucks that use diesel, costing you more money overall.
WRAL’s Smart Shopper Faye Prosser said families are already feeling the impact of grocery prices and have had to stop eating out or eating less meat.
Experts say the demand is increasing Memorial Day weekend approaches and oil prices rise. “Gasoline and diesel prices alike saw strong upward momentum last week as oil prices continued to climb after the EU signaled its desire to sanction Russian oil. In addition, U.S. petroleum inventories saw yet another weekly decline as we near the start of summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Here’s a look at how the average gas price in Raleigh has changed in 10 years.
To sell their handcrafted jewelry, William Jones of Brass Button Studios and his wife plan to drive a Winnebago RV for the 13-city tour in a 15-week span.
“I’m going to be out there driving no matter what the gas prices are,” Jones said.
Next week, Jones will be in Bristol, Tennessee. He’ll take a week off and then he’s going to Middleburg, Ohio.
“If it’s empty, you’re talking $750 to $800,” Jones said of fueling up his Winnebago. “Before the [rise] of the gas prices, it was down to around $450.”
The Winnebago takes unleaded gas, Jones said.
“Oh my lord, it’s been a big hit,” Jones said of the rising gas prices. “I’d say our profits went down by about 65%.”
AAA Carolinas Director of Public Affairs Tiffany Wright has several recommendations on how to save gas, including combining errands, removing excess weight and avoiding idling.
“I don’t think people are going to stop taking roadtrips,” Wright said. “They’ll find other ways to save when we talk about traveling – whether that’s food or lodging.”
The Travel Mechanic President Lauren Doyle said to expect higher prices for airfare and car rentals.
“People that really want to go away are going to just fork over the money,” Doyle said.
Doyle recommended booking a trip ahead of time for summer 2023. She recommended avoiding holidays and booking trips toward the end of summer in August or September.
NC State Professor of Supply Chain Management Rob Handfield said he thinks the U.S. will continue to see high prices.
“The war in Ukraine is likely to go on, unfortunately, for some time, and because of that war, we’re not going to have surplus supplies,” Handfield said.
Wright explained one reason for the fluctuation of gas prices.
“Other countries are deciding whether or not to use Russian oil, that creates a very volatile market,” she said.
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