GREENSBORO, N.C. — Greensboro area drivers may see some relief, however small, on gas prices soon. On Monday, GasBuddy released the latest report on gas prices in Greensboro, showing a 7.5-cent drop per gallon in the last week.
It's the first price drop in three weeks, according to GasBuddy's weekly gas report released every Monday. Here's a look at the weekly trends in Greensboro:
- 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
"I'm hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil," Patrick De Haan, head of petroleum analysis at GasBuddy, said.
The average price of gas in Greensboro is $4.57/gallon as of Monday, according to GasBuddy's survey of 586 stations in Greensboro. Prices are still 21.4 cents higher than one month ago and $1.69 higher than one year ago.
According to GasBuddy price reports, the cheapest station in Greensboro on Sunday was priced at $4.36/gallon while the most expensive was $4.96/gallon.
"Finally, some relief even if it is small and even if prices are high, it's better than prices continuing to go up," De Haan said. "We're moving in the right direction and the good news is I'm hopeful this week we will see more relief. We could actually see the average in Greensboro fall another, maybe 5-10 cents a gallon this week. As we approach July 4, I'm guessing all of us are at least happy we are seeing prices fall and that could continue for a couple of weeks."
The national average price of gas has fallen 4.2 cents per gallon in the last week, averaging $4.97/gallon as of Monday. The national average is up 37.3 cents from one month ago and stands $1.92/gallon higher than one year ago, according to GasBuddy's data covering 150,000 gas stations across the country.
Despite the slight dip in prices, De Haan says the coast isn't clear just yet as we approach the Fourth of July holiday.
"We could see the national average fall another 15 to 30 cents, if we're lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such," he said.
Some folks are changing their travel plans though because of the high prices.
"We were planning on going on a longer trip to the beach, but because it’s a four-hour drive we decided to stay more local and stay around," Greensboro driver Jose Sanchez said. "We're just going to do fun stuff here in the area with the kids, bowling, do stuff here locally."
Here's a look at Greensboro gas prices compared to the national average over the last 10 years:
- June 20, 2021: $2.89/g (U.S. Average: $3.05/g)
- June 20, 2020: $2.00/g (U.S. Average: $2.12/g)
- June 20, 2019: $2.37/g (U.S. Average: $2.66/g)
- June 20, 2018: $2.64/g (U.S. Average: $2.87/g)
- June 20, 2017: $2.12/g (U.S. Average: $2.28/g)
- June 20, 2016: $2.24/g (U.S. Average: $2.33/g)
- June 20, 2015: $2.67/g (U.S. Average: $2.80/g)
- June 20, 2014: $3.51/g (U.S. Average: $3.68/g)
- June 20, 2013: $3.42/g (U.S. Average: $3.60/g)
- June 20, 2012: $3.31/g (U.S. Average: $3.48/g)
Last week, President Joe Biden directed Energy Secretary Jennifer Granholm to hold an emergency meeting to consult with the National Petroleum Council. Biden is asking oil companies to explain to Granholm any drop in refining capacity since the pandemic began, according to CBS News. The meeting could be held sometime this week.