Downward gas price trend continues; ‘possible the national average could fall under $3 per gallon by Christmas’

Published 7:47 am Monday, December 5, 2022

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Average gasoline prices in North Carolina have fallen 10.3 cents per gallon in the last week, averaging $3.11 per gallon Monday, December 5, 2022, according to GasBuddy’s survey of 6,092 stations in North Carolina. Prices in North Carolina are 22 cents per gallon lower than a month ago and stand 2.5 cents per gallon lower than a year ago. The national average price of diesel has fallen 13.6 cents in the last week and stands at $5.06 per gallon.

According to GasBuddy price reports, the cheapest station in North Carolina was priced at $2.76 per gallon Sunday while the most expensive was $4.69 per gallon, a difference of $1.93 per gallon.

The national average price of gasoline has fallen 15.8 cents per gallon in the last week, averaging $3.36 per gallon Monday. The national average is down 43 cents per gallon from a month ago and stands 1.5 cents 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:
December 5, 2021: $3.14 per gallon (U.S. average: $3.34 per gallon)
December 5, 2020: $1.97 per gallon (U.S. average: $2.16 per gallon)
December 5, 2019: $2.37 per gallon (U.S. average: $2.60 per gallon)
December 5, 2018: $2.30 per gallon (U.S. average: $2.44 per gallon)
December 5, 2017: $2.35 per gallon (U.S. average: $2.47 per gallon)
December 5, 2016: $2.13 per gallon (U.S. average: $2.18 per gallon)
December 5, 2015: $2.00 per gallon (U.S. average: $2.04 per gallon)
December 5, 2014: $2.66 per gallon (U.S. average: $2.70 per gallon)
December 5, 2013: $3.29 per gallon (U.S. average: $3.24 per gallon)
December 5, 2012: $3.31 per gallon (U.S. average: $3.38 per gallon)

Selected areas around the state and their current gas prices:
Fayetteville – $3.00 per gallon, down 9.3 cents per gallon from last week’s $3.10 per gallon.
Charlotte – $3.14 per gallon, down 9.4 cents per gallon from last week’s $3.24 per gallon.
Greensboro – $3.09 per gallon, down 11.3 cents per gallon from last week’s $3.20 per gallon.

“For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Every state has again seen average gasoline prices drop in the last week, and it remains very possible the national average could fall under $3 per gallon by Christmas. There has also been a drop in diesel prices, which this week will fall back under $5 per gallon, and could soon thereafter fall to their lowest level since March. However, despite all the good news about fuel prices, there may be some concerns coming as the price cap on Russian oil kicks in. Retaliation is possible, and while OPEC+ upheld production cuts from last month, they could always cut more production. For now, however, we’ll likely see another week of declines at the pump in nearly all areas.”

GasBuddy data is accessible at prices.GasBuddy.com.

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