July 31, 2014. Motorists in North Carolina are paying the lowest price at the pump in over a month and in July began paying less per gallon than a year ago. The downward trend is expected to continue, according to AAA Carolinas.
Gas prices in North Carolina average $3.44, compared to $3.56 a month ago. South Carolina’s average $3.24 per gallon is the lowest in the nation.
“Falling gas prices keep dollars in motorists’ wallets,” said David E. Parsons, president and CEO of AAA Carolinas. “As we rely less on overseas oil and at the same time consume less at home with more fuel-efficient cars, we have a perfect storm for declining prices at the pump.”
Today’s average gas price in North Carolina is also 20 cents less than Memorial Day. Gas prices have declined primarily due to record-high domestic refinery production. There is an abundance of gasoline in the market, which has helped bring down prices despite conflicts overseas.
Gas prices are in good position for the remainder of the summer driving season as long as refinery production remains strong and oil costs do not rise due to unexpected issues. One of the biggest threats to continued falling prices would be a major hurricane striking the U.S. Gulf Coast. Hurricanes, which have occurred in August, could disrupt oil production, refinery facilities and pipelines.
The Greensboro-Winston-Salem-High Point area has the states lowest average price for a gallon of gas at $3.40; Asheville is the highest at $3.57.
The national average saw the greatest gas price decline in six years for July. Today’s national average is $3.52.
AAA Carolinas, an affiliate of the American Automobile Association, is a not-for-profit organization that serves more than 1.9 million members and the public with travel, automobile and insurance services while being an advocate for the safety and security of all travelers.