NC fuel prices drop for week 3, possible reversal

RALEIGH, NC (WNCN) – Fuel prices have fallen for the third straight week. While it’s a slight relief for riders, more drops in the future aren’t a guarantee.

GasBuddy estimates that the average price per gallon in Raleigh has fallen about 11 cents per gallon over the past week. The average is currently about $4.42 a gallon as of Tuesday morning, according to GasBuddy’s survey of 472 Raleigh gas stations.

Tuesday prices in Raleigh are 9 cents lower than a month ago, but still more than $1.50 higher than a year ago.

The national average price of gasoline has fallen about 10 cents a gallon over the past week, down 7 cents from a month ago, but just like in Raleigh, they’re more than $1.60 higher than a year ago, according to GasBuddy.

“While we could see prices drop this week, the drop could soon ease if oil prices reverse, especially with strong demand over the holiday season,” said Patrick De Haan, senior petroleum analyst at Gas Buddy.

Hurricane season could also affect fuel costs. If a hurricane hits this summer and refineries shut down, it could send prices higher.

“Currently, Americans are spending almost $100 million a day less on gas than they were a few weeks ago when prices were at their peak, and that’s a much-needed relief at a time when gas prices remain near record levels,” said De Haan.

This is all happening as leaders in Washington wrestle over what to do about a federal gas tax. President Joe Biden has asked Congress to pass a temporary suspension of the state gas tax. Federal tax accounts for about 18 cents of the cost you pay at the pump.

Meanwhile, in the state, neither Democrats nor Republicans express an interest in suspending the state gas tax. Instead, Democrats are pushing for a $200 gas refund for people who had a North Carolina license in March.

https://www.cbs17.com/news/nc-fuel-prices-drop-for-3rd-week-reversal-possible/ NC fuel prices drop for week 3, possible reversal

Dais Johnston

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