HIGH POINT, NC – Gas prices are falling in North Carolina and around the country.
It’s unusual for this time of year. According to USA Today, gas prices normally skyrocket as Memorial Day creeps closer. Analysts thought gas might hit the $3 mark nationwide by the holiday, but oil prices fell 13% over the last month. After dropping to below $46 per barrel in midday trading Monday, the U.S. benchmark crude rose to close at $46.43, up 21 cents for the day. In 2011, prices topped $100 a barrel, according to USA Today.
GasBuddy analyst, Patrick DeHaan said gas prices haven’t caught up to oil’s recent decline.
“Supply is outpacing demand and pushing the price of oil downward,” said DeHaan
Will it continue into Memorial Day and the summer?
“There’s eventually a point where it will catch up. So, for the summer and for Memorial Day, we might be pretty comparable to last year, maybe a little higher than last year.”
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Nationwide, the price of gas dropped four cents in the first week of May and the nationwide average price is $2.41. Here in North Carolina, the average price is $2.21, according to GasBuddy, a gas price tracking website.
USA Today reported gas stations selling fuel for less than $2 a gallon has doubled in the last week to 5,177. Lucky for us, some of those gas stations are right here in the Triad.
READ MORE: Gas Prices Drop As Memorial Day Nears
One of the lowest gas price in North Carolina is $1.98. Here’s a look at some of the locations.
$1.98: Fast Fuels, S. Main St. High Point
$1.98: Murphy USA, N. Main St. High Point
$1.99: Speedway, Sandy Ridge Rd. Colfax
$1.99: Sheetz, Sandy Ridge Rd. Colfax
$1.99: Exxon, Sandy Ridge Rd. Colfax
$1.99: Shell, Sandy Ridge Rd. Colfax
$1.99: Sunoco, S. Main St. High Point
$2.05: Speedway, Waughtown St. Winston-Salem
$2.12: Sunoco, NC-62 W, Greensboro
$2.13: Family Fare, Maple Ave, Burlington
The highest gas price in North Carolina is $3.19. Here’s a look at some of the highest, according to GasBuddy.
The Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, cut oil production last November, which boosted the price of oil per barrel to above $50. This lead US oil producers to drill more oil, lowering the price.
DeHann said it'll take one to two weeks for the price of gas to stabilize and depending on what happens internationally, it'll determine if prices will climb just as quickly as they fell.
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