Jul 19, 2022 - Business

Gas falls under $4 at some Raleigh stations

Illustration of a gas pump with the hose forming a descending stock trend line.

Illustration: Aïda Amer/Axios

After reaching dizzying heights last month, we are starting to see some slight relief at the gas pump.

The big picture: High gas prices have been one of the biggest drivers of inflation hurting Americans' pockets, Axios' Felix Salmon reports.

The average price of a gallon of gas in North Carolina is $4.15, according to AAA, down 10.2% from $4.62 a month ago.

  • The national average on Monday was $4.52 per gallon.

Yes, but: A gallon of gas is still $1.27 higher than last year.

Driving the trend: Oil inventories have been steadily growing "in part because of continuing releases of oil by the government from its strategic oil reserves and reduced consumption," the New York Times reported.

  • But gas prices remain in a fragile state, and the downward trend "could easily reverse, especially if a hurricane knocks out a refinery on the Gulf Coast, since global oil supplies remain fairly tight."

Be smart: If you like the hunt, some gas stations in the Triangle are already offering gas below $4 per gallon, per GasBuddy.


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