Although gas prices have trended down for three weeks, the cost is still significantly more than a year ago. | Pixabay/Paul Brennan
Although gas prices have trended down for three weeks, the cost is still significantly more than a year ago. | Pixabay/Paul Brennan
Gas prices continue to inch downward, and GasBuddy reports that the average cost has fallen for the third straight week. The price of a gallon of regular gas fell, on average, 7.4 cents in the past week.
As of Tuesday, the average price was $4.45 a gallon in Charlotte. The previous high of $3.54 a gallon for the week of July 5 was in 2014, WBTV reported.
“As expected, and for the third straight week, average gasoline prices have fallen to their lowest level in over a month,” Patrick De Haan, head of petroleum analysis for GasBuddy, a firm that operates apps and websites that find real-time fuel prices, said in the report.
Current gas prices are 5.6 cents per gallon lower than a month ago, but they are still $1.62 per gallon higher than a year ago.
Diesel is currently $5.72 per gallon, 6.3 cents lower nationally.
“The price of wholesale gasoline has plummeted, providing price relief as millions of Americans hit the road for the holiday weekend,” De Haas said. “While we may see prices decline into this week, the drop could fade soon if oil prices reverse, especially with strong demand over the holiday.”
Current trends show that Americans are spending nearly $100 million per day less on gasoline than when prices peaked a few weeks ago, De Haas said, calling that differential “well-needed relief at a time when gas prices remain near records.”
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