Are gas prices going down in time for Christmas?

News

RALEIGH, N.C. (WNCN) – With the Thanksgiving weekend behind us, the next big driving weekend is Christmas.

In the past week, gas prices in Raleigh fell by 5 cents per gallon. The average now sits at $3.17 per gallon today, according to GasBuddy. Monday’s price was 9 cents per gallon lower than a month ago but still more than $1 higher than last year.

The national average price of gasoline has fallen by about the same. Nationally, drivers are paying $3.34 a gallon.

GasBuddy’s head of petroleum analysis, Patrick De Haan, said the dip is largely a result of anxiety over the omicron variant of COVID-19. DeHaan said some countries have begun issuing lockdowns keeping fuel consumption in those countries lower.

Prices could drop even lower in time for your holiday drive.

“We will see precipitous declines in the next week or two as stations continue to sell through higher-priced inventory before slowly lowering their prices. It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices,” DeHaan said.

So how can you save money in the meantime?

De Haan said there are three ways you may be able to save at the pump.

  1. Check prices before you drive off. Download the GasBuddy app or any other gas price comparison app in your phone. It will save you the frustration of filling up on gas only to drive by a cheaper gas station up the road.
  2. Make sure you’re getting cash back or points at the pump. Many bank cards or rewards programs may offer cash back incentives or points that can turn into a few cents off per gallon.
  3. Just slow down. The more pressure you put on the gas pedal, the more fuel you’ll burn through.

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