RALEIGH, N.C. (WNCN) — The national average price per gallon is 63 cents lower than a month ago. In fact, the price of gas has dropped every day since hitting the $5 mark on June 14.
The price drops have eased the pain of the cost to fuel up. Still, gas prices are far above the average prices we’ve seen in years.
So what’s behind the price drops? For now, it’s demand. AAA reports data from the Energy Information Administration shows demand rose from 8.06 million barrels per day to 8.52 million barrels per day last week. That rate however, is 800,000 barrels per day lower than last year.
“Consumers appear to be taking the pressure off their wallets by fueling up less,” said Andrew Gross, AAA spokesperson. “And there’s reason to be cautiously optimistic that pump prices will continue to fall, particularly if the global price for oil does not spike. But the overall situation remains very volatile.”
The price of oil per barrel is also helping for now with costs remaining in the mid-$90s according to AAA.
The national price per gallon sits at $4.30. It’s about 40 cents lower in North Carolina with averaging $3.98 per gallon, two cents lower than Tuesday, and more than 50 cents lower than a month ago.
- Asheville: $4.26
- Charlotte: $4.03
- Durham-Chapel Hill: $4.14
- Fayetteville: $3.81
- Raleigh: $3.93
- Rocky Mount: $3.76