Gas Prices Drop For First Time In 9 Weeks

Gas Prices Drop For First Time In 9 Weeks

For the first time in nine weeks, the nation’s average gas price has declined, falling 4.2 cents from a week ago to $4.90 per gallon Sunday according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country. The national average is up 37.3 cents from a month ago and $1.92 per gallon higher than a year ago. The national average price of diesel has risen 2.6 cents in the last week and stands at $5.80 per gallon.

According to AAA, in North Carolina the average price is $4.54 while in Goldsboro the average price has dropped to $4.47 from last weeks $4.60. One year ago Wayne County residents were paying just $2.87 a gallon.

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”