Gas prices trending downward, after major spike last week

WILMINGTON, NC (WWAY) — After seeing a big spike in gas prices last week, things have trended down again.

Average gasoline prices in North Carolina have fallen 5 cents per gallon in the last week, averaging $3.20 a gallon.

Prices in North Carolina are 1.9 cents per gallon higher than a month ago and stand 87.9 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.6 cents in the last week and stands at $4.25 per gallon.

According to GasBuddy price reports, the cheapest station in North Carolina was priced at $2.87 a gallon Sunday yesterday while the most expensive was $3.89 a gallon, a difference of $1.02. 

“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”