Gas prices showing declines

Published: Friday, November 15, 2013 at 04:49 PM.

Christmas is coming early for the nation’s motorists.

AAA reported that gas prices are now the lowest since February 2011 and have dropped 41 cents since Labor Day, which marks the unofficial end of the summer driving season, and all indications are that prices will continue to fall into the new year.

In North Carolina, prices are down an average of 10 cents from last month and 21 cents from last year.

Experts said several factors are contributing to the steady drop.

A glut of oil on the world market, driven in part by ramped up drilling efforts in the United States, coupled with soft demand in most global economies means the law of supply and demand is working in the consumer’s favor.

U.S. demand also is leveling off as a stubbornly high unemployment rate means there are fewer people driving to work. The lingering effects of the recent recession also means people aren’t looking to live as far away from work as before, meaning they aren’t commuting as far.

AAA said that about one-in-four gas stations are now selling gas for less than $3 per gallon. North Carolina motorists probably won’t see that, with gas averaging $3.19 a gallon as of Thursday, matching the national average. In and around Havelock, gas prices Thursday were around $3.22 a gallon.

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