Experts: NC could see gas under $2/gallon

WILMINGTON, NC (WWAY) — It could be a very Merry Christmas for North Carolina drivers, as experts say the price for gas could fall below $2 per gallon by winter.

GasBuddy says that before St. Nick arrives as many as 20 states, including North Carolina and many others across the south, could see prices fall below that point as they forecast the national average for December to drop to $1.98.

“We’re confident that our projections give consumers more than accuracy; we think they’ll help them identify some savings that should come in handy at Thanksgiving and Christmas,” GasBuddy senior petroleum analyst Patrick DeHaan said in a news release.

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Maryland-based GasBuddy, which tracks prices through consumer submissions, says the national average gas price for July is $2.75, but it projects that average to drop to $2.54 in August, $2.43 in September, $2.28 in October and $2.10 in November before falling below $2 in December.

Contributing to the positive forecast are regional, national and global supply and demand fundamentals that continue to place more downward pressure on crude oil prices than upward pressure, according to GasBuddy, whose experts say the trend is expected to continue well into 2016.

“As motorists wrap up their summer vacation road trips, demand for gasoline slips in autumn and winter. At the same time, refining margins are strong and with the switch to cheaper winter grade gasoline in the coming month, ample supply of discounted gasoline will be available to motorists. It’s the perfect recipe for savings at the pump till the end of the year,” GasBuddy senior petroleum analyst Will Speer said in the release.