Gas prices in the Triangle are — finally — a little cheaper
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Raleigh drivers spent an average of $3.30 for every gallon of gas in February, per GasBuddy data.
- That's down 7% from last year, but up slightly — 1% — from January, and about on par with national prices.
State of play: Early numbers from this month show a continued decline, with average price of $3.19 in Wake County on March 3.
Why it matters: More than three-quarters of American commuters drive to and from work, meaning they're particularly sensitive to the ebbs and flows of prices at the pump — especially as other basic goods also get more expensive.
- Gas prices are also a political football.
- When they're high, many Americans tend to blame whoever's sitting in the Oval Office — even though, as Axios' Andrew Freedman has reported, they don't exactly have total control over the cost of commodities priced on global markets, oil included.
The big picture: Cheaper gas is good news for consumers, especially commuters.
Yes, but: Lower prices may disincentivize drivers from switching to more efficient cars, going electric, or embracing public transit — all of which can have big environmental benefits.
Driving the news: Crude oil prices have fallen over the past year, leading to cheaper automotive gas.
- A barrel of West Texas Intermediate crude — a common industry benchmark — costs around $76 as of late February, down from about $122 in June 2022.
- Oil prices spiked last year amid uncertainty over Russia's invasion of Ukraine and the economic sanctions against Russia — a major oil producer — that followed.
- While the fighting drags on, oil markets have largely stabilized, as CNN reports
Zoom out: At least we're not San Francisco, which has among the country's highest average gas prices, at $4.76 per gallon in February.
- Houston drivers are enjoying some of the cheapest prices nationwide, at just $2.93/gallon.
Reality check: As Axios' Joann Muller recently found, charging up an EV isn't always significantly cheaper than filling a tank with gasoline — especially on road trips.
- Electric cars aren't perfectly clean, either. Mining for the requisite materials can damage local ecosystems, while EVs' environmental benefit is lessened if they're charged with "dirty power" from, say, a coal plant.