On the Rise Again: Gas Prices Up 20 Cents After Bottoming Out on July 4 with a $3.18 Per Gallong Average

Published Friday, July 27, 2012 at 5:00 am

By Paul T. Choate

July 27, 2012. On July 4 North Carolina gas prices hit a low not seen in almost a year in and a half. The state average was $3.18 per gallon and it was the first time prices had dipped below $3.20 per gallon since February of 2011. At present, however, prices are on the rise again and currently stand at 20 cents higher than the July 4 low point.

This increase, though unwelcomed, should not come as a surprise. Though not as dramatic, the exact same thing happened last year. Prices dropped off in July 2011, took a slight rise heading into August, then continued to dip until the first of the year. Motorists can only hope that is the case again, and that this rise is temporary.

Also contributing to the rise is the price of crude oil per barrel. The price at the pumps often mirrors crude oil prices. Only July 4 when the gas prices bottomed out crude oil was sitting at $86.92 per barrel. As of 1 p.m. on Friday, July 27, it is sitting at $90.00 per barrel.

It is always hard to predict which direction the prices at the pumps are going to go. No matter what happens though, be sure to check out the High Country Press gas price listings every day. We find you the lowest prices in the area so you don’t wind up getting burned at the pump. 

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