GREENSBORO, N.C. — It's a sight that drivers haven't seen for a while - gas under $4 a gallon.
WFMY News 2 found $3.99 gas at two stations early Monday morning - Shannon's Stop & Shop/Valero on West Gate City Boulevard and Valero on Martin Luther King Jr. Drive in Greensboro.
But it's still a rare sight as Gas Buddy reports the average price of gas in Greensboro is $4.48/gallon as of Monday. That's about nine cents lower than the week before.
The last time gas prices averaged below $4 in the Greensboro area was the week of May 2. Gas Buddy reported the average price at $3.95 a gallon then.
Gas Buddy's weekly reports for Greensboro:
- June 27, 2022: Prices down 8.9 cents, average $4.48/gallon
- June 20, 2022: Prices down 7.5 cents, average $4.57/gallon
- June 13, 2022: Prices up 16.4 cents, average $4.65/gallon
- June 6, 2022: Prices up 18.4 cents, average $4.48/gallon
- May 31, 2022: Prices down 4.3 cents, average $4.31/gallon
- May 23, 2022: Prices up 12.4 cents, average $4.35/gallon
- May 16, 2022: No change in last week
- May 9, 2022: Prices up 14 cents, average $4.09/gallon
- May 2, 2022: Prices up 19.5 cents, average $3.95/gallon
- April 25, 2022: Prices down 2.9 cents, average $3.75/gallon
Falling oil prices have helped drivers see a second straight week of lower prices. Gas Buddy's head of petroleum analysis Patrick De Haan said the trend could follow into another week, but we shouldn't get too comfortable.
"With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we're seeing. The good news is we could also see a third straight week of decline," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While prices will be at their highest July 4th level ever, they'll have fallen close to 20 cents since our peak in early June. Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround, and risk remains that when the peak of hurricane season arrives, we could see a super spike at the pump."
President Joe Biden is calling for a gas tax holiday, but the proposal isn't receiving much support at the federal level. It's unclear exactly how much drivers would save and whether the full savings would be passed on to drivers.