Local News

AAA: Gas prices take biggest one-week plunge in four years

Posted October 25, 2012

— A drop in North Carolina gas prices this week is the sharpest one-week decline since 2008, according to AAA Carolinas.

The auto club said Wednesday that the cost of gasoline dropped 11 cents in the last seven days, hitting an average of $3.58 per gallon.

Gas prices have dropped 27 cents since Sept. 14, when it was $3.85 per gallon, the auto club said. But motorists are still paying 15 cents more now than a year ago, and they’ve been paying more in 2012 so far than in 2011.

Still, the last time prices dropped so much in one week was in late Novemeber 2008, when the cost of a gallon declined by 15 cents.

David Parsons, president and chief executive officer of AAA Carolinas, said the current drop is due to a decline in crude oil prices, worries over a weakening global economy, a decline in demand and a stronger dollar.

“The price drop is great news for drivers,” Parsons said in a statement. “However, the nature of gas pricing today mostly depends upon issues outside of the U.S., like armed conflicts in oil-producing nations, the dollar’s value against the Euro and the demand for oil in developing countries like China, India and Brazil.”

AAA Carolinas predicts gas prices will continue to drop until Thanksgiving. The holiday is marked by heavy travel, which tends to stabilize or increase prices.
 

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  • COPs eye Oct 26, 2012

    I would personally like to thank Barack Obama for this wonderful news. Thank you, Mr. President. We will be down to a buck a gallon in no time.
    downtowner

    you must be inhaling to many fumes

  • Tickterd Oct 26, 2012

    Not that suprising, nor does there seem to be an election conspiracy. Domestic production is at an 8 year high and demand is falling globally. More oil, less demand equal lower prices.

  • geoherb1 Oct 26, 2012

    Gas prices are always about supply and demand on a worldwide basis. Part of the equation is the strength of the dollar against other currencies. Another reason given this morning on CBS was the switch from the summer blend to the winter blend, which is apparently less expensive to make.

    Hurricane Sandy might cause an upsurge in gas prices if refineries in the mid-Atlantic states shut down for a week or so.

  • Nope Oct 26, 2012

    "larieke: You have a very vivid imagination!"

    That is a very kind way of putting it!

  • ccsmith1902 Oct 25, 2012

    robertgiles: Please do your research. The president has very little control over gas prices. He cannot "make" them go up and down. OMG.

  • ccsmith1902 Oct 25, 2012

    larieke: You have a very vivid imagination!

  • radium Oct 25, 2012

    Woohoooo...11 cents! What WILL we do with all that cash? LET'S PARTY LIKE IT'S 1929!!!!

  • larieke Oct 25, 2012

    Of course it's the election. Obama's Arab buddies including the endorsement from Hugo Chavez want Obama to win, they're flooding the market with cheap oil. Didn't Obama imply that he wanted prices for gas to go to $7 a gallon so the electric cars would be more attractive? Then there's the oil companies no matter what you think of them--it is a lot more profitable to RAISE the price than drill for more of the same. Mark my words, beginning November 7th the price of gas/oil will begin to skyrocket. That will definitely happen if Obama is re-elected. It will probably happen even if Romney is elected, at least for a short time anyway, after all nothing will be done until after January 21st.

  • robertgiles1950 Oct 25, 2012

    It is so easy for WRAL to take a "canned story" from AAA and pass their bull off as news. True, the at the pump prices are down a bit just before the election....for obvious reasons....WRAL needs to report the news about why gas is so high, alternative energy sinfully high. The President throwing $535 million at alternative energies only to have them go bankrupt and give the Presidents campaign $90,000. Using our tax dollars to line his friends/co-conspirators' pocket and get money kicked back for his campaign. The President can make gas prices go up or down at will....such contempt he has for the working person.

  • dev8me Oct 25, 2012

    Stop being uselessly dramatic: 11 cents ? That's risible less than 4% breadcrumbs.
    Give us some real number like 20%, 30%, 50% !

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