May 26, 2023 - Business

Gas prices in Raleigh lower than this time last year

Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals

Raleigh metro area drivers were paying an average of $3.35 per gallon of regular gasoline as of May 1, compared to $4.37 a year ago, a 23% drop, Alex Fitzpatrick and Kavya Beheraj report.

Zoom out: Nationally, gas prices are rising slightly compared to previous months — but they're still well below last year's levels as we head into Memorial Day weekend and the travel-heavy summer season.

  • The nationwide average price per gallon of regular gasoline has been $3.53 throughout May 2023, compared to $4.60 a year ago.

Yes, but: AAA and others are predicting near-record travel this summer, which could spike demand — and thus lead to higher prices — in the warmer months.

Between the lines: The Environmental Protection Agency issued an emergency waiver last month allowing the summertime sale of gasoline blended with 15% ethanol in a bid to suppress prices.

  • So-called E15 gas is typically avoided in summer due to smog concerns.
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