Gas and diesel prices see slight decline, but it’s not expected to last
Published 7:05 am Wednesday, June 1, 2022
Average gasoline prices in North Carolina have fallen 2.4 cents per gallon in the last week, averaging $4.34 per gallon Tuesday, May 31, 2022, according to GasBuddy’s survey of 6,092 stations in North Carolina. Prices in North Carolina are 41.1 cents per gallon higher than a month ago and stand $1.48 per gallon higher than a year ago. The price of diesel has fallen 4.0 cents nationally in the past week and stands at $5.50 per gallon.
According to GasBuddy price reports, the cheapest station in North Carolina was priced at $3.79 per gallon Monday while the most expensive was $5.66 per gallon, a difference of $1.87 per gallon.
The national average price of gasoline has risen 0.9 cents per gallon in the last week, averaging $4.60 per gallon Tuesday. The national average is up 42.8 cents per gallon from a month ago and stands $1.56 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.
Historical gasoline prices in North Carolina and the national average going back 10 years:
May 31, 2021: $2.86 per gallon (U.S. Average: $3.04 per gallon)
May 31, 2020: $1.81 per gallon (U.S. Average: $1.97 per gallon)
May 31, 2019: $2.56 per gallon (U.S. Average: $2.82 per gallon)
May 31, 2018: $2.79 per gallon (U.S. Average: $2.96 per gallon)
May 31, 2017: $2.20 per gallon (U.S. Average: $2.38 per gallon)
May 31, 2016: $2.24 per gallon (U.S. Average: $2.32 per gallon)
May 31, 2015: $2.60 per gallon (U.S. Average: $2.75 per gallon)
May 31, 2014: $3.61 per gallon (U.S. Average: $3.67 per gallon)
May 31, 2013: $3.39 per gallon (U.S. Average: $3.61 per gallon)
May 31, 2012: $3.46 per gallon (U.S. Average: $3.62 per gallon)
“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won’t be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order. Motorists in the Great Lakes could see prices jump early in the week to new record highs, and the rest of the nation will follow. Odds are rising that we’ll eventually see the national average reach that dreaded $5 per gallon.”
GasBuddy data is accessible at http://prices.GasBuddy.com.