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Gas prices trickle down for Memorial Day weekend motorists

Gas prices trickle down for Memorial Day weekend motorists

According to petroleum industry experts, since Memorial Day 2016, the average price for a gallon of gas has fluctuated just 31 cents - dropping to a low of $2.12 in August 2016 and rising to a high of $2.43 just last month.

Normally, gasoline prices rise heading into the summer as refineries retool and put out more expensive blends created to reduce emissions associated with higher temperatures.

Behind the expected surge in travel is something never before seen in the United States - the national average gasoline price today is almost the same as it was at the start of the year, compared to the typical average increase of 47 cents per gallon seen between the month of January and May.

Historically low crude oil prices have worked in consumer's favor this year. Brent has been relatively stable in 2017, and weekly average prices have ranged from $48 per barrel (b) to $56/b so far this year.

Gasoline demand has also declined since this time past year.

AAA Carolinas estimated that 1.07 million North Carolinians will drive more than 50 miles over the five-day holiday travel period that ends Monday.

Palestinians hold general strike ahead of Trump's arrival
A Palestinian was seriously hurt and another 9 were slightly injured in clashes near Gaza's border. Earlier this month, Israel released footage it said shows Barghouti breaking his fast.

The prices are actually lower this year than they were this time last year.

High inventories, including finished gasoline and gasoline blending components, are also contributing to lower gasoline prices.

Retail gasoline prices vary significantly within the United States because of regional supply and demand balances, gasoline specification requirements, and taxes.

The lowest gas prices in Forsyth County as of Friday, according to GasBuddy.com, are $2.08 a gallon at the Quality Mart and 7-Eleven convenience stores off US 421 at Lewisville-Clemmons Road and Speedway at 4301 Styers Ferry Road. Gasbuddy's Patrick DeHaan says USA oil producers stepped in to increase the supply, and demand here has been flat. Average Gulf Coast and West Coast prices are, respectively, 25 cents/gal below and 53 cent/gal above the national average price. The least expensive gas price averages in Tennessee were in Chattanooga at $2.02 and Johnson City/Kingsport/Bristol at $2.06.

Nationally, the Energy Information Administration said the 2017 average is up from the 2016 average of $2.31 a gallon.

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