Good news for drivers in North Carolina as gas prices in the state are on the decline, offering some relief at the pump. However, it remains uncertain how long this drop in gas prices will last.
As per a Gas Buddy survey involving over 6,000 drivers in North Carolina, the average gas prices have fallen by 8.2 cents per gallon. As of October 9, consumers were paying approximately $3.33 per gallon, which is around 13.0 cents per gallon lower than the previous month and 16.0 cents lower than the same time in the previous year. The state’s cheapest gas station was priced at $2.89 per gallon a week ago, while the most expensive was $4.19 per gallon, representing a significant difference of $1.30 per gallon.
However, experts caution that gas prices may start to rise again due to recent developments, such as attacks on Israel, which have the potential to destabilize the Middle East. The hope is that these incidents won’t escalate and disrupt the downward trend in gas prices. While oil prices have risen in reaction to these developments, there is still optimism that the national average gas price could decrease by an additional 25-45 cents by late November, with even larger reductions possible in California, according to Patrick De Haan, Head of Petroleum Analysis at GasBuddy.
Nationally, the average gasoline price has fallen by 10.2 cents per gallon over the past week, averaging $3.67 per gallon at the beginning of October. This national average price is down by 13.8 cents per gallon compared to the previous month and stands 25.0 cents per gallon lower than the previous year. Moreover, there’s some relief for truck drivers and businesses that rely on diesel, as the average diesel price has fallen by 4.0 cents per gallon in the past week, reaching $4.48 per gallon.
While prices have been dropping, concerns persist about a potentially destabilized Middle East and the potential impact on oil prices should violence escalate in the region. In the meantime, drivers in North Carolina are encouraged to take advantage of lower gas prices while they last.