Gas prices quietly dropping in North Carolina; How low will they go and for how long?

Sunday, October 15, 2023

NORTH CAROLINA (WTVD) -- Gas prices are dropping in North Carolina--but for how long?

Here's some good news for consumers and drivers in North Carolina--gas prices are heading south. The only thing unknown is how long will drivers enjoy the relief at the pump.

According to a Gas Buddy survey of more than 6,000 drivers in the Tar Heel state, the average prices have fallen 8.2 cents per gallon. As of Monday, October 9 consumers were paying around $3.33 per gallon.

Check gas and diesel prices in North Carolina and your specific area here

That's about 13.0 cents per gallon lower than what drivers paid in September this time the prices are 16.0 cents per gallon lower than this time in 2022. According to GasBuddy, the cheapest station in North Carolina was priced at $2.89 per gallon a week ago, while the most expensive was $4.19 per gallon, a difference of $1.30 per gallon.

Experts warn that prices may start to creep back up as signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region. I'm hopeful the violence won't spread, limiting the impact of these falling gas prices. Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices potentially falling nearly triple that in California," said Patrick De Haan, head of petroleum analysis at GasBuddy.

On the national front, the average price of gasoline has fallen 10.2 cents per gallon in the last week, averaging $3.67 per gallon as of early October. The national average is down 13.8 cents per gallon from a month ago and stands 25.0 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country. In addition, there's also some relief for truck drivers and businesses who rely on diesel as the average price of diesel has fallen 4.0 cents in the last week and stands at $4.48 per gallon.

"Even the price of diesel has seen downward pressure with oil prices plummeting last week on fears that the Fed will be forced to continue raising rates, eating into demand growth, leading a barrel of crude to drop into the mid-$80s, but we remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate," De Haan said last week.

So fill 'er up and enjoy the cheap gas ride while you can, drivers!