Falling prices offer relief at the pump
Triad drivers can expect to see a reprieve in the upcoming months when they pull up to the gas pump, with prices dropping to $3.15.
The AAA Carolinas released a report this month that said the average gas price in North Carolina is 20 cents cheaper than a month ago. Since reaching a summer high of $3.56 on July 21, due to the concerns over the conflict in Egypt, gas prices have been steadily falling.
“We have seen the prices come down 20 cents or so in the last month. We have seen them stabilize over the past week or so, but we expect them to begin to trend back downward towards the end of the year,” said Angela Vogel Daley, director of AAA communications.
The dramatic drop in gas prices is a result of decreased demand due to the end of the summer driving season, refineries’ switch to cheaper winter fuel blends and lower crude oil prices.
Crude oil prices are below $100 a barrel, at $97.80. The state average for gas is $3.31, and the Triad records an average of $3.29. A year ago, the state average was $3.60 and the Triad average was $3.55.
“In the cold months you don’t really see a lot of movement with gas prices in terms of supply and demand,” Daley said. “We did see crude oil prices come down and that is a good thing.”
Daley expects that gas prices will continue to drop between now and Thanksgiving, typically the most traveled four-day holiday and often a time when prices stabilize or rise slightly.
“Thanksgiving and Christmas are two of the most popular holidays of the year, especially for driving,” she said. “When gas prices are low, people take advantage of it and drive instead of flying to their destination.”
Charles Parrish is excited to see the prices lowering. Parrish, who lives in King, works at the Lowes store in High Point. He said that his commute is 64 miles round trip.
“It costs me about $250 a month to travel,” Parrish said. “I drive a bunch of miles in my truck.”
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