RALEIGH, N.C. Local Charlotte — Energy prices have been on the rise for months now and experts say there doesn’t appear to be an end in sight.
While the summer usually means higher fuel and electric prices, experts say costs will keep soaring on top of the typical summer spike.
“Oil prices are likely to stay above $100 per barrel, if the situation in Ukraine is not resolved. Natural gas prices will continue to be high,” said Dalia Patino-Echeverri, Duke associate professor of energy.
While gas and electric prices continue to rise across the U.S. and the world, is there anything our leaders can do to significantly change this? Patino-Echeverri says not at this point.
“In the short term, President Biden has already used those tools like releasing all of the strategic petroleum reserve; but that’s really unlikely to have a big impact because the quantities are very small compared to what is needed,” Patino-Echeverri said.
The professor said the electricity hike won’t be as bad in North Carolina compared to states like Pennsylvania, where people might see electricity rate increases as big as 45 percent. She tells CBS 17 that’s because of the multiple energy forms we have in North Carolina, like hydro and nuclear power.
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