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Triangle gas prices drop 24 cents in two weeks

Posted June 24, 2012
Updated June 25, 2012

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— Less than three months after gas prices hit the $4 mark in North Carolina, Triangle drivers are filling up for as little as $3.09 a gallon.

Across the nation, gas prices are down 15 cents in the last two weeks. In central North Carolina, the price for unleaded fuel has lowered by as much as 24 cents.

A North Carolina State University economist said Sunday that the easing of tensions between Israel and Iran has contributed to lower prices, but that it ultimately comes down to supply and demand. fuel tracker logo stacked Fuel Tracker: Find lowest gas prices

"People, I think, their confidence goes down when gas prices go up," said economist Mike Walden. 

Driver Will Winstead agreed.

"This is what we need for this economy – cheaper gas. I think if we had cheaper gas, people would be spending more money," Winstead said.

Walden said global oil supplies are at a good level, but with gas prices inching toward $4 a gallon for several months earlier this year, demand was on the decline. As prices have lowered, demand has increased, allowing prices to dip even further toward the $3 mark.

"I would be surprised if we went much below $3 a gallon, and actually, I wouldn't be surprised if, later in the summer, gas prices begin to drift up a little bit more," he said. "But in terms of those concerns that we could hit $4.50, $5 a gallon this year, I think those are off the table."

Walden said cheaper gas is a good sign for the economy as a whole.

"Obviously, this is helping other aspects of the economy, the inflation situation in particular," he said. "Clearly, this is a boost for the economy."

And a boost for consumers' wallets. Danielle Latta said she rushed to the pump Sunday.

"I'm excited to see the gas prices going down," she said.

102 Comments

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  • ajeralddavis Jun 26, 2012

    Its funny we talk about the footprint of the large SUV and trucks, but has anyone thought about where the battery goes when it burns out in the hybrid? I think i wil take my chances with gas because truth be told, a bunch of corrosive batteries can be just as unhealthy as anything else.

  • Ex-Republican Jun 26, 2012

    That's almost a four year lag time from the moment Bush made an executive action to lower our gas prices and now. Thanks W. Better late than never!

  • Crumps Br0ther Jun 26, 2012

    Oh yes, here we have the poster child for the American people. Buy those huge truckee things and drive around leaving a trail of filth wherever you go.....

    piene2

    Your post made me think of a license plate I saw on a HUMMER one time. It said "IH8U2", I dont think the owner was talking about the band U2 either. They were probably referring to people like you that think you can tell others what they can drive. If you feel the air quality is that bad go get you some scuba gear so you can breath with that instead. All you do is complain around here and never have any solutions other than "Do as I say!"

  • dmpaltman2 Jun 26, 2012

    Thanks to the speculators on Wall Street, for driving the cost of crude oil and gas down.

  • piene2 Jun 26, 2012

    "I hope the sale of trucks do go up. I want the American People to shout real loud that the Government can't control us with their fear tatics and trying to over regulate the people. This isn't Europe and we the people have earned our rights to driver whatever we feel we need to drive.
    babedan"

    Oh yes, here we have the poster child for the American people. Buy those huge truckee things and drive around leaving a trail of filth wherever you go. Than complain about the high cost of fuel. I find that laughable. Particularly knowing that most people, especially men, buy those huge behemoths in a futile attempt to compensate for their feelings on inferiority. I will try to find it, but some years ago The University of southern California did a study comparing the size of the vehicles men but to certain physical "features." Interestingly enough it was almost always an inverse ratio.

  • dmpaltman2 Jun 26, 2012

    Glad to see the speculators driving the price of crude oil and gas down.

  • independent_thinker Jun 25, 2012

    "Maybe my insurance company lied as well as others, but with the implementation of Obama Care, my insurance premium went up $4000 per year. When I spoke with my insurance company they told me it was in preparation for this."

    Don't take their word. Check with the insurance department rate bureau. Usually if State is file and use or pre approval, they still have to provide justification and prove it via data.

    Would you use the same home insurance carrier if they said they were raising rates in anticipation of future hurricanes?

  • LikeABadPenny Jun 25, 2012

    "Less than four year ago it was 1.84 so it's not out of touch. "

    Less than 4 years ago was nearly 4 years ago. Reality shifted on you and those days are gone forever. Suck it up. China and India started coming on line and now they want/need gas too. We should have been moving away from a petrol based economy years ago, and doing so much faster. This is our own bloody fault. We did it to ourselves.

  • LikeABadPenny Jun 25, 2012

    "Keep turning up the heat slowly. People think $3/gal is cheap now. It wasn't that long ago that $2.50 was outrageous."

    The producers came out and flat told you that they want to find the maximum we'll pay w/o appreciably changing our driving habits. You are going to act surprised when they do it?

  • baracus Jun 25, 2012

    "When gas prices go up, it's destroying our nation and it's all Obama's fault. When they go down, it's a sign of a weak economy which is all Obama's fault. Haters gonna hate, but such hypocrisy is staggering."

    You got it all wrong. He pulled his magic gas price lowering lever in order to help his chances in November.

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