Gas prices decline across area
BY COREY DAVIS
Saturday, November 10, 2018
Local residents may have noticed a little relief at the gas pumps across the Twin Counties.
According to AAA Carolinas, an affiliate of the American Automobile Association, gas prices in North Carolina are falling as motorists around the state have seen an average price of $2.62 per gallon at the pumps, lower than the national average of $2.73.
Tiffany Wright, public relations manager for AAA Carolinas, said the state’s average price for regular gas is a 5-cent decrease on the week and a 12-cent decrease on the month. Nash County’s average price for regular gas is currently $2.65, while in Edgecombe County the price for regular gas is $2.62.
Rocky Mount’s $2.64 average price for regular gas is lower than a week ago at $2.67, a month ago at $2.76 but higher than a year ago, when it was $2.40 at the pump.
Wright said the demand for gas has gone down, adding that’s what starts to typically happen after the Labor Day holiday, which is the final summer trip for most people. However, she said, the hurricanes that hit the country, including those causing devastation in some parts of Eastern North Carolina, caused gas prices to stay higher than usual after Labor Day.
“This year was a bit different as we experienced two hurricanes that impacted prices and kept them higher than normal in September and into the start of October,” Wright said. “Prices have steadily been on the decline the last couple of weeks as demand has lessened.”
Wright said the price drop is happening at a time that analysts previously thought would likely see pump price increases because of the White House’s re-imposition of sanctions on Iran, some of which will target the country’s energy sector.
“With the market anticipating and thus reacting to the impending Iran sanctions throughout the summer months, motorists likely have seen the worst in terms of retail prices for the year,” Wright said. “If the crude oil market remains steady, gas prices are likely to continue to fall in the near future.”
Wright expects the drop in gas prices for motorists around the state and in the Twin Counties not to be just temporary.
“Prices should continue to fall throughout the end of the year and into next year as demand drops,” she said. “We are in the winter driving season, which means less motorists on the road. ... When consumers have extra disposable income due to gas prices, they are able to put that money back into the economy. What we’ve seen when that happens is an increase in travel and more people taking vacations.”