Quantcast

Energy expert gives prediction on future of gas prices - Live5News.com | Charleston, SC | News, Weather, Sports

Energy expert gives prediction on future of gas prices

CHARLESTON, SC (WCSC) -

After dropping for months, gas prices are starting to creep back up.

"I think it was in the low $1.80s,” Dwight Norris said. “1.83. 1.84. I think it was."

Norris said he fills up in North Charleston by his work instead of in Mount Pleasant, by his house, to save a few cents.

"They came down lower than we thought they would come down, but right now it's going back up and I hate to see that,” Robert Page, who lives in Summerville said.

According to GasBuddy.com, prices in South Carolina are down about $1.03 from this time last year but in just the last month, they've jumped up about a quarter.

"What drove them down more than anything else was America's shale revolution,” James Clad, a Senior Advisor at The Center of Naval Analyses and an energy expert said. “It's the abundance of oil and gas. People have still not really worked out that this country is the world's largest oil and gas hydrocarbon producer; anywhere, bigger than Saudi, bigger than anywhere."

Clad is speaking at The Citadel Monday night and said price is a simple supply and demand issue.

"Our supply went into the world market, and the effect of that and a little slowing growth in China brought prices down and my guess is they're going to stay more or less down for some time."

Clad says you should be able to keep filling up your tanks without emptying out your wallet

"We can probably say that price is going to hang low, a lot lower than it was the previous four or five years, and probably hang low for the next year or so. "

Copyright WCSC 2015. All Rights Reserved.

Powered by Frankly