Gas and diesel prices continue to rise, analyst says ‘prices will be at their highest Memorial Day level ever’

Published 7:19 am Monday, May 23, 2022

Average gasoline prices in North Carolina have risen 13.0 cents per gallon in the last week, averaging $4.36 per gallon Monday, May 23, 2022, according to GasBuddy’s survey of 6,092 stations in North Carolina. Prices in North Carolina are 55.5 cents per gallon higher than a month ago and stand $1.48 per gallon higher than a year ago. The price of diesel has risen 22.6 cents nationally in the past week and stands at $5.518 per gallon.

According to GasBuddy price reports, the cheapest station in North Carolina was priced at $3.99 per gallon Sunday while the most expensive was $5.61 per gallon, a difference of $1.62 per gallon.

The national average price of gasoline has risen 11.0 cents per gallon in the last week, averaging $4.57 per gallon Monday. The national average is up 45.4 cents per gallon from a month ago and stands $1.55 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.

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Historical gasoline prices in North Carolina and the national average going back 10 years:
May 23, 2021: $2.89 per gallon (U.S. Average: $3.02 per gallon)
May 23, 2020: $1.81 per gallon (U.S. Average: $1.96 per gallon)
May 23, 2019: $2.60 per gallon (U.S. Average: $2.85 per gallon)
May 23, 2018: $2.80 per gallon (U.S. Average: $2.97 per gallon)
May 23, 2017: $2.19 per gallon (U.S. Average: $2.36 per gallon)
May 23, 2016: $2.20 per gallon (U.S. Average: $2.28 per gallon)
May 23, 2015: $2.57 per gallon (U.S. Average: $2.74 per gallon)
May 23, 2014: $3.62 per gallon (U.S. Average: $3.66 per gallon)
May 23, 2013: $3.43 per gallon (U.S. Average: $3.66 per gallon)
May 23, 2012: $3.53 per gallon (U.S. Average: $3.68 per gallon)

Selected areas around the state and their current gas prices:
Fayetteville – $4.35 per gallon, up 17.4 cents per gallon from last week’s $4.18 per gallon.
Charlotte – $4.37 per gallon, up 14.1 cents per gallon from last week’s $4.23 per gallon.
Greensboro – $4.35 per gallon, up 12.4 cents per gallon from last week’s $4.22 per gallon.

“Gasoline prices surged over the last week to new record highs, but have finally started to slow their rise with diesel also finally cooling off,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With more Americans planning to hit the road for Memorial Day this year compared to last, prices will be over $1.50 per gallon higher than last year. Though, prices are appearing to slow down, for now. While the coast isn’t clear yet, and prices will be at their highest Memorial Day level ever, I’m hopeful that we could avoid a dreaded national average of $5 per gallon this year. Whether or not we’re able to depends on Americans cutting demand in the face of sky high prices.”

GasBuddy data is accessible at http://prices.GasBuddy.com.

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