Local News

Lower Crude Prices Don't Make It to Pump

Posted January 12, 2007

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— Crude oil prices are down, but the cost of filling up a gas tank in the Triangle hasn't dropped as dramatically in recent weeks.

Oil trading closed Friday at just under $53 a barrel, up slightly from Thursday, when it closed at the lowest price since May 2005.

Every $1 drop in the price of crude oil should produce at least a 2.5-cent drop at the pump, according to energy analysts.

The average price of a gallon of regular unleaded in the Triangle is $2.24, down 13 cents from a year ago. Statewide, the average price of $2.24 a gallon is down 6 cents in the past six months.

Nationally, the average price of a gallon of unleaded regular is $2.27.

"This is not an exact science. There are too many ifs, ands or buts that impact market prices," said Gary Harris of the North Carolina Petroleum Marketers Association.

A price war between stations is one such factor in determining prices.

A Sunhouse station in Siler City was selling gas for $2.05 a gallon Friday — until a tanker dropped off more fuel, when prices dropped to $1.94 a gallon.

Around the corner, the Country Mart was selling gas for $1.99 a gallon.

"There's gougers everywhere — people out for the almighty dollar. That's all they're after. So, we're glad there are places like this," driver Bob Tripp said.

"I wait until my tank's just about dry to make it back to Siler City," driver John Pleasants said.

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  • twistohead Jan 16, 2007

    They are always quick to go up and slow to come down. That's why I always support the gas station that is quickest to respond to the dropping oil prices - my way of increasing competition, however small it might be.

  • bglaberman Jan 16, 2007

    Just went by the Exxon Micromart on New Bern Ave and the gas price was down to $2.12 a gal. for regular. A great price for a name brand of gas!

  • OLD PIRATE Jan 16, 2007

    Wholesale prices on gasoline up two days in a row!


    You know when oil goes UP $1.00 the NEXT day the price of gas goes up!! Then when oil goes DOWN $5.00 their is a good WEEK before you see any LOWER gas prices, then when asked WHY they put on a BROADWAY SHOW called SONG & DANCE and the actors are EXCUSES!!

  • gvmtcheese Jan 16, 2007

    Good to know that we are keeping their vacation homes maintained.

  • Chuck U Farley Jan 14, 2007

    Umm, it's $2.19 at the corner gas station. That's down 10 cents from 2 days ago. I paid $2.13 in Sanford yesterday. I think there may be something to this free market thing.

  • albritton76 Jan 13, 2007

    I nominate this for most shocking headline of 2007.

  • S-O-L Jan 13, 2007

    Lets see what happens to gas prices with the democrats in charge.

  • mohnkae Jan 12, 2007

    Just for a little perspective, Exxon set the record for corporate profit at least twice last year. One time with 10.3 Billion in one quarter. That's ten thousand three hundred " 1 Million" dollar bills in three months time... profit. Ever feel like a freshly shorn sheep?

  • Low Voltage Jan 12, 2007

    Gas prices east of Wilson were high as of 1/11/07