Gas prices across eastern Carolina are back above $2.00 a gallon for the first time in over four months.
Triple-A says the average cost for a gallon of gas in Greenville is $2.09. Last month the average price was $1.77.
The roller coaster ride of gas prices begs the question to who controls the cost of gas. ECU economics professor Dr. Nicholas Rupp says the price is based on crude oil prices on wall street. Supply and demand control how much the commodities exchange sells a barrel of oil.
Dr. Rupp says if the price per barrel remains below $50.00 per barrel as it did Monday he expects the price of gas to drop.
However, Dr. Rupp says with summer on the way, the warmer weather may mean higher prices at the pump. "This summer as more consumers drive, we should see maybe an increase in demand for gasoline which should an increase in the price probably about five to ten cents possibly a gallon."
The American Petroleum Institute says 2009 will mark the first time in over 30 years that consumption of crude oil has declined. The API says it expects oil consumption to fall by 1.4 million barrels of oil a day.