Two things you don’t see at a gas pump lately: A price tag under $4 and smiles on the faces of some customers. However, you may soon have a reason to smile at the gas pump: Some stations in the Triangle area have gas for less than $4 per gallon.
However, those prices aren’t available at every station. AAA says the average price in North Carolina is $4.36.
An expert says these prices will continue to improve – but in this volatile market, it wouldn’t take much to spoil it all.
“That could continue for another week, prices could go down another 5 to 15 cents a gallon,” says Patrick De Haan with GasBuddy.
De Haan says these lower prices reveals another issue: Economic concerns.
“A slow down in the economy could mean a slow down in oil consumption,” he says.
Supplies in the fuel market also remain tight. An event, like a hurricane, could send prices right back up.
While the cost for gas is dipping, it is still far higher than what we paid before.
The average cost for a gallon of regular gas in North Carolina in 2019 – before the pandemic – was $2.45.
Will gas prices ever be that low again?
“Not until there is some sort of long-term resolution between Russia and Ukraine,” says De Haan. “That is the big holdup. A lot of the oil is being artificially held up because of sanctions.”
Diesel prices are also dipping, which impacts the cost of shipping things – which could help some with inflation.
If you want to find the best gas prices near you, take a look at WRAL’s Fuel Tracker.
