Triangle gas prices drop 24 cents in two weeks

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.

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"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.