Gas prices decline in Raleigh but experts worry about meaning of dip

RALEIGH, N.C. (WTVD) -- For the third consecutive week, gas prices continue tumbling.

Experts in the Raleigh area say things should go down even more in the coming weeks.

Economists say that perhaps it's not all good news though.

"I would say in some respects the psychology is really good," said Gerald Cohen, economist and professor at UNC's Kenan-Flagler Business School. "It seems people were really affected by the $5 or so gas prices."

Cohen is worried though that gas prices dipping are not just about increased supply.

"If oil prices are falling because we're in a recession, that's bad," he said.

He's encouraged that people seem to be out spending and traveling still and perhaps, according to Cohen, that's built up from peak COVID-19 times when nobody was traveling.

"At the end of the day, the change of five to ten cents, that's a dollar or two per fill up, that's not that much," said Sam Bytnar, an NC State student. "For it to be serious impact, I imagine a dollar, dollar-and-a-half drop, that would be more noticeable."

He said he shops for student deals at Harris Teeter and works full time, too.

"It is difficult," Bytnar said. "Everything has changed in the last couple of years with COVID. It's just another change to adapt to."

Gas Buddy said gas has gone down 7 cents per gallon in the last week in the Raleigh area. They expect it to go down another 25-50 cents in the next month.

"The fact that oil prices fell precipitously tell me there are concerns about the strength of the economy and that there is potential we could slip into an economic slow down," said Patrick De Haan of Gas Buddy.