Gas prices going up; could be $3.50 this summer

Gas prices continue to go up – and could be significantly higher this summer.

According to AAA, the current average price in Wilmington is $2.74 per gallon. That’s up from $2.60 a month ago and $1.89 this time last year.

That’s compared to $2.75 in Raleigh / $2.73 in Greensboro / $2.74 in Fayetteville and Charlotte / and $2.79 in Asheville.

Economist Don Schunk said this week that the price of gasoline could be $3.50 by Labor Day.

Officials with AAA Carolinas largely agree with that estimation.

“Regular unleaded could be $3 a gallon by June,’’ Byrnes said. “It certainly is not out of the question.”

Byrnes said the uptick in gas prices has happened as refineries close for maintenance and switch to their summer formula.

The amount of fuel is now a little lower, causing a rise in prices.

The price of crude oil has gone up to around $80, as investors become more confident in the economy.

“Investors think that demand for fuel will increase as the economy improves,” he said.

THE GEORGETOWN, SC TIMES CONTRIBUTED TO THIS STORY.