Gas prices have been on the rise in Georgia. Today, the price of gas is twenty cents higher than it was a year ago.
This price will only continue to steadily increase, but economist and director of the Selig Center for Economic Growth Jeffrey Humphreys said this isn’t concerning. A couple of years ago the supply for gas was much higher than its demand. It was so high that prices fell extremely low and suppliers ended up cutting back on their production. This rise is just the supply and demand coming back to equilibrium.
“There’s always a lot of volatility in oil markets but in general I would expect the price that we’re paying right now for gas to be about what we pay this time next year and maybe even this time five years from now,” said Humphreys.
However, Hannah Cheshier said this increase will make her think twice before taking longer trips.
“With road trips I have to save up obviously a lot, especially now, because gas is so high,” said Cheshier.
Reporter Ayesha Jamil explains the rise in price below: