RALEIGH, N.C. (WNCN) — Drivers are constantly searching for the best price for gasoline, so they can get the biggest bang for their buck—especially these days when the cost of fueling your vehicle takes a big bite out of your wallet.
There are truly some days when gas prices are better than others and a lot of it has to do with the Economics of the fuel supply.
Gasoline—most of us can’t conduct our daily lives without it and the price today around here is cheaper as it slowly falls.
“Raleigh prices are about five cents below where they were a week ago,” said Patrick De Haan, the Chief Petroleum Analyst at GasBuddy. We are seeing some relief because of the switch over to summer gasoline now being behind us.”
Gas prices vary, based on many factors.
By the time a load of fuel gets to a station, a number of factors have already set the price for that load, but station operators do have some discretion.
”Stations are kind of always adjusting their price based on what their competition is,” said De Haan.
However, there are certain days when gas prices are better than other days.
Past studies by GasBuddy indicate Monday is the best day to fill up because it follows two days of economic stability.
“It’s because the markets are closed over the weekend and the price that they’re paying for their fuel probably hasn’t changed by Monday morning just yet,” said De Haan.
Those same economics also make Friday the worst day to fill up and not just because gas stations tweak their prices in anticipation of more driving.
“There is a key government report that comes out Wednesday and that report can often lead to prices rising on the wholesale market Wednesday and Thursday,” said De Haan. “Thatmeans the station may adjust their prices up on Friday.”
Currently, we’re seeing gas prices about a dollar lower this year than they were last year at this time.
As we look towards Memorial Day, he says it appears gas prices will keep dropping.
“There’s a lot of variables, but I think for now, prices should continue to slowly ease into memorial weekend,” said De Haan.
One of those big variables on gas prices will be what happens with the debt ceiling talks.
Also, if any hurricanes or tropical storms threaten gulf coast that could impact prices if they evacuate oil drilling platforms or have to shut down refineries.