Gas prices dropping, thanks to the economy

Posted July 13, 2009

Gas Prices

— Gasoline prices are taking a plunge, and the economy's to thank.

Bill Weatherspoon, executive director of the North Carolina Petroleum Council, said Monday that with the fear of a global recession – fewer jobs, climbing unemployment rates and budget cuts – crude oil prices have dropped below $60 a barrel.

The drop, in turn, means lower prices for consumers at the pump.

According to AAA Carolinas, a gallon of regular unleaded gasoline in the Triangle was $2.51 Monday morning – down 7 cents from a week ago.

Prices dropped at some Raleigh gas stations to less than $2.29 a gallon, including the Exxon station at 4301 New Bern Ave., where a steady stream of customers were filling their tanks Monday morning.

Elsewhere in the state, Fayetteville saw an average of $2.49 a gallon for regular unleaded; and the Triad saw the lowest price at an average of $2.43 a gallon.

According to the Lundberg Survey of fuel prices, the national average price fell about 10 cents a gallon during the past two weeks to $2.56 – the first significant drop since early December.

That is $1.55 less than the price at the same time last year, which peaked at an all-time high of $4.11.

Wichita, Kan., had the lowest prices, with the average there at $2.26 for a gallon of regular. Honolulu had the highest prices, with an average of $3.20, according to the Lundberg Survey.


This story is closed for comments.

Oldest First
View all
  • delilahk2000 Jul 14, 2009


  • twc Jul 13, 2009

    Gas prices seem to have the biggest impact on the economy. Not the other way around. The banking/insurance flaws were exposed because oil prices forced people to miss payments, etc. Low gas prices keep people on the move. When that happens everything else starts turning. People travel, they eat out, they buy, cars wear, etc., etc.

    Control oil prices and you control the ecomomy.

  • crazywater Jul 13, 2009

    The rogue speculator in Lonond that drove oil to $73 a barrell may have had a lot to do with it...

  • Fed-up29 Jul 13, 2009

    sure they drop but by the end of the year we will be paying 3.50 or more. I hate the holidays b/c the gas always goes up quickly, i wake up to 5 cent jumps sometimes, and then slowly goes down by like a penny a week.

  • Here kitty kitty Jul 13, 2009

    Altho I paid $2.35 at Sheetz, the price at Murphy/Walmart was $2.28 and $2.29 at 76, all on Hwy. 64/New Bern Ave yesterday. Everywhere else was still pretty much $2.50 at least.

  • FoxtrotUniformCharlieKiloakaCALM Jul 13, 2009

    UH OH Bev wont stand for that get ready for taxes to increase

  • coolwill43 Jul 13, 2009

    Everyone knew that the gas price clime was because of the upcoming holiday; the prices started declining on the 4th of July, wait for the gas price hike before Labor Day and dropping on Labor Day.

  • csswisher Jul 13, 2009

    I don't see any evidence of gas prices coming down here around good ole Durham..........where is the plummeting price?

  • howdiditgettothis Jul 13, 2009

    We are told time after time that the economy has nothing to do with the price of crude oil. Duh. That's not what they are saying now.

    Get with the program US government and find alternative fuel sources........whatever they may be!

    If you had done this in the 70's - then we wouldn't be worrying about it now.

  • kcfoxie Jul 13, 2009

    whatelseisnew: Good question. If 25mpg is sufficient for your needs (I make lots of use of the 700mi highway miles, on a weekly basis no less), you probably don't need a car at all.

    Hybrids make no sense around here. The traffic is light (contrary to what others thing, see Atlanta for real traffic), and Hybrids aren't efficient at cruising highway speeds. Diesels make far more sense are here for people who actually have to commute because the affordable homes were 30 to 40 miles from where their office is located. I see a lot of single occupant Explorers on the road going into RTP that, assuming they have a full family, a Jetta Sportwagen could do the same job of -- and still get 45-46mpg, not 18 to 22.