Gas prices dropping, thanks to the economy

Posted July 13, 2009 12:49 p.m. EDT
Updated July 13, 2009 12:53 p.m. EDT

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.