Pump Problems: When Will Gas Prices Go Down?

Pump Problems: When Will Prices Go Down?

NORTH CAROLINA -- Triad drivers are struggling to find gas and facing a spike in gas prices due to the Alabama Colonial Pipeline leak.

Drivers could be in for another 2 weeks of issues at the pumps, according to Wake Forest Business Professor Haresh Gurnani, 

"Things are likely going to stabilize," Gurnani explained. "I don't see any panic situation. This is a short term event that in 2 weeks down the road will just be a memory."

Gurnani said the price spike is due to a decreased supply and an increased demand.

"When people hear there's a gas shortage it puts them in a panic," He said. "So they go to fill up their tanks even if they don't need gas. So as supply is down, to demand is even greater."

Gurnani expects the rush to the pumps will calm down in the next few days. He says this will help drive prices back down. Prices will also go down when the pipeline is fixed and supply is back to normal, he said.

Gurnani expects prices to go up another 10 cents in the next few days, before they drop over the next 2 weeks.

If you are looking for somewhere to fill up, GasBuddy has a Gas Availability Tracker that shows you what stations have gas and which ones don't.

Copyright 2016 WFMY


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