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Gas Prices Bottom Out on Week of Fourth of July; Still Lower than Last Summer But on the Rise Again?

By Paul T. Choate

Courtesy of gasbuddy.com. Click graph to enlarge.

July 9, 2012. On July 4 we celebrated our liberty and national pride. There was, however, another cause for celebration. North Carolina gas prices hit a low not seen in almost a year and a half.

The North Carolina gas price average hit $3.18 per gallon on July 4. Though on the rise again — sitting at $3.22 per gallon, according to AAA’s Daily Fuel Gauge Report — prices had not dipped below $3.20 per gallon since late February of 2011. 

North Carolina is also in better shape currently than at this time last year. On July 9, 2011 the average price for regular 87 octane was $3.54 per gallon according to AAA.

If prices continue to trend in the way they did last year at this time, expect a slight increase going into August and then a noticeable (and welcomed) decline through the end of December. However, it can be hard to say what the prices at the pumps are going to do, so the best long term preparation might be “expect the unexpected.”

Check out High Country Press‘s Gas Prices widget on the left-hand side of our front page to make sure you don’t get burned at the pump.