Are you ready for gas over $4 a gallon? It could happen soon.
If you’ve driven in Charlotte or North Carolina recently, you’ve seen gas prices are high. As a result of Russia’s recent attack on the Ukraine, gas prices are about to rise. Among the largest producers in the world, Russia produces 17 percent of the world’s natural gas and 12 percent of its oil. In addition, much of Russia’s natural gas exports to Europe flow through pipelines in Ukraine.
AAA reports that today’s national average (2/24) is over $3.50 per gallon. In North Carolina, the average gas price is $3.474 per gallon. It is well known that gas prices usually rely on a seasonal component to determine whether they will rise or fall. When Americans are traveling more during the summer, there is a rise in demand and a decline during the winter. According to current laws, higher gasoline formulations are needed during the summer to limit emissions, which has caused the current rise in fuel prices. The highest price for regular unleaded in North Carolina history was $4.085 on September 15th, 2008.
I find it mind-blowing how high gas prices have risen in recent years. It wasn’t that long ago, in March of 2020, that I reported gas was at its lowest level for years. Due to lower crude oil costs, fewer drivers, and a shift to winter fuel blends, gas was only $1.69 per gallon. If you want to find the cheapest gas station in Charlotte go to GasBuddy’s website.