LUMBERTON — While gas prices in Robeson County have increased slightly, they continue to fall far below the national average, with some stations around the area selling a gallon of gas just a few cents above the $3 threshold.
According to gas price watchers Gas Buddy and AAA, the national average price of a gallon of gas was $3.45 on Tuesday. Around North Carolina, the average price for a gallon of gas was $3.24 per gallon.
In fact, the nation’s average price of gasoline has risen for the second straight week, jumping 8 cents from a week ago, according to GasBuddy data compiled from more than 11 million individual price reports covering more than 150,000 gas stations across the country.
The national average is up 7.1 cents from a month ago but 87.7 cents per gallon lower than a year ago, according to the industry price tracker. The national average price of diesel has fallen 4.1 cents in the last week and stands at $4.30 per gallon, 82.1 cents lower than one year ago.
“With the transition to more expensive summer gasoline underway coast to coast, wholesale gasoline prices continue to inch up at a rate typical for this time of year, reflected in the national average rising for the second straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While oil prices edged slightly lower on weaker outlooks for economic growth, continued refinery maintenance and the higher cost of seasonal blends of fuel are offsetting oil’s decline. The price of diesel, however, continues to slowly decline as we see consumption for diesel lighten up. The best news for both gasoline and diesel prices is how significant a drop we’ve seen from year-ago levels, with more disinflation to come in the weeks ahead, even as gas prices are likely to inch up.”
Andrew Gross and Devin Gladden with the Automobile Association of America, reported similar findings related to increasing prices around the country.
“Another reason is that the seasonal switch to summer blend gasoline is underway, which may account for this bounce in pump prices,” said Andrew Gross, AAA spokesperson, “This blend is designed to lower emissions during the summer and is more expensive to refine. Switching to summer blend usually adds about five to ten cents to the price of gasoline.”
Oil prices
With markets fretting over the weekend’s bank shutdowns, oil prices were solidly in the red to start the new week, with a barrel of West Texas Intermediate crude oil down $1.25 to $75.43 per barrel, more than a $3 per barrel drop from last Monday’s $78.64 fetch, according to GasBuddy.com.
“Brent crude oil was also solidly negative, down $1.27 per barrel to $81.51 per barrel, down from last Monday’s $84.61 per barrel start,” De Haan said. “China’s slower economic rebound has also been credited with cooling off oil rallies over the last month, but with cases starting to decline, there remains some hope that China’s consumption may start to rise. The weekend bank saga, however, poured a bucket of cold water on those hopes as fears continued over additional regional bank challenges Monday, with the sector seeing sizable pre-market declines as the Federal Reserve, FDIC and U.S. Treasury amp up new programs to tackle the drop in confidence due to the shutdowns of several banks.”
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