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When will gas prices go down? We answer your most-asked questions

The 11Alive Verify team took your most-asked questions to the experts.

ATLANTA — As we all feel the pain at the pump, many are wondering what is driving the spike in prices and how long will the sticker shock will last.

The 11Alive Verify team took your top questions to the experts.



Is there price gouging on gasoline?


This is false.

No, there is no price gouging happening. The price hike is tied to supply and demand.


According to the NCSL, price gouging is when retailers take advantage of spikes in demand and charge high prices.

Economist Ray Hill said this probably isn't happening right now. 

"Retail gas stations are often not owned by the big oil companies. They're owned by lots of individual competitors," Hill said. "So, it's very unlikely that there are going to be a lot of price gouging when the tax is coming off for everybody."

Credit: GlobalPetrolPrices.com
This information on gasoline prices is from March 21, 2022.


 Will prices go down immediately as gas taxes are suspended in Georgia?



This is true.

Yes, prices in Georgia would go down quickly, but it depends on the price of oil. 


The gas tax in our state is about 29 cents a gallon, according to Georgia's Department of Revenue. Gov. Kemp approved temporarily eliminating the tax earlier in March.

Hill said drivers should see a drop in gas prices soon. The only thing that could mess that up is if the price of oil fluctuates. 

"I'd expect to see the effect pretty quickly," he said. "As long as we don't see another jump up in the price of oil underlying that."

Hill has also previously pointed out that nothing in the legislation requires gas stations to pass along the savings to customers, so drivers may not necessarily see prices drop the full 29 cents.

RELATED: No, it’s not cheaper to fill a gas-powered vehicle than charge an electric one


 How long are we going to see these high prices?



This is inconclusive.

There is no exact timeline. However, experts said prices should cool down in a matter of months. 


Hill said it will take some time for prices to settle.

"It's not a matter of weeks; it's not a matter of years," he said. "It's a matter of months before that production continues to come online and drive down the price."

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