Local News

Some Experts Predict Sudden Drop In Gas Prices By Weekend

Posted October 25, 2005 7:12 a.m. EDT

— The Oil Price Information Service predicted Tuesday that prices could drop to under $2 a gallon for unleaded gasoline in North Carolina by the weekend.


, an organization that tracks fuel prices, said the prices may drop because people are using less fuel, Hurricane Wilma had little impact on oil operations along the Gulf Coast, and the pipelines are flowing at a normal rate. AAA reported that North Carolina citizens are using 2 to 3 percent less gasoline today than before Hurricane Katrina.

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"It's like anything under $3 now is a bargain, and it just takes enough of that pain we've been going through at a higher price to see it as a bargain," driver David Heaton said.

But Pete Sondini, who owns and operates 1,400 Pantry and Kangaroo stores across the southeast United States, said anyone who would predict below $2 a gallon by the weekend was probably hallucinating or too optimistic.

Hal Johnson, a gasoline wholesaler based in Wake County, added that if gasoline prices dropped too low, there could be new problems.

"I think fuel as a whole will stay fairly high, and I think it's going to have to in order to control the inventory," Johnson said. "If it gets too cheap, they can't make it fast enough."