Gas prices fall for 11th straight week; down $1.20 since decline began

WILMINGTON, NC (WWAY) — The price of gas is continuing to slowly fall across the country and the Cape Fear.

Average gasoline prices in North Carolina have fallen 4.7 cents per gallon in the last week, averaging $3.52/g today, according to GasBuddy’s survey of 6,092 stations in North Carolina. Prices in North Carolina are 37.9 cents per gallon lower than a month ago and stand 66.5 cents per gallon higher than a year ago. 

According to GasBuddy price reports, the cheapest station in North Carolina was priced at $2.99/g yesterday while the most expensive was $5.49/g, a difference of $2.50/g.

The national average price of gasoline has fallen 5.0 cents per gallon in the last week, averaging $3.81/g today. The national average is down 39.8 cents per gallon from a month ago and stands 69.1 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

“The national average has declined for another week, extending the slide for the eleventh straight week. Gas prices are now $1.20 per gallon lower than mid-June with Americans spending $450 million less on gasoline every day as a result,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.

“Some issues have developed that we’re keeping a close eye on, including the shut down of the largest refinery in the Midwest. While that refinery may get back online sooner rather than later, it’s not impossible that down the road the situation could impact prices in the region. For the rest of the country, however, we’ll continue to see prices moderate. This is of course subject to hurricane season, and it does appear that the tropics are starting to see some activity, so there’s no guarantee the decline will continue.”