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When will Memphis gas prices go down? Here's what an economist says

Economist John Gnuschke said the recent price increases are as troubling as they were in the late 1970s.

MEMPHIS, Tenn. — The stress and strain is intensifying for Mid-South drivers as gas prices set yet another record average high Friday with no end in sight.

An area economist doesn't expect these gas prices to stabilize or go down anytime soon as we head into the high demand and high driving summer weeks ahead.

At gas stations across Memphis, drivers are at wit's end with surging, record-high gas prices and demanding answers.

"Every morning, it's a hard decision to get food, gas, get to work, it's getting harder and harder out here," Derrick McKinley said.

"I'm definitely not buying premium," Thomas Van Fossen added.

"We are seeing cutbacks in production, productions in supply, prices increasing everywhere, strong demand," John Gnuschke, a Memphis economist, told ABC24 Friday.

Because of that high oil demand and challenged supply worldwide, Gnuschke offered a painful truth to local drivers.

"Gas is particularly strong in the summer, so should that price continue to go up?" Gnuschke said. "I think the answer is absolutely yes."

He said for the local gas prices to stabilize and go down, other countries must do their part.

"The only thing that can stop is it in fact we can strike a deal with the OPEC oil producers that generate a lot more petroleum," Gnuschke said.

Until then, we are all going to need to stretch out our gas dollars as best we can.

"Try to cut back on your driving, driving around the city just for fun is not an option right now," Gnuschke said.

Many drivers said they're already following that advice.

 "You have to make choices like, am I going to go on that road trip this summer?" Van Fossen said. "Things like that. Do I need to leave my house today, do I need to make that extra trip to the store?"

According to AAA, the average price for a gallon of regular unleaded gas nationwide is up 34% compared to 100 days ago, when Russian forces invaded Ukraine and impacted the critical Russian oil supply around the globe.

That supply will continue to be a factor as long as the conflict continues.

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