GREENSBORO, N.C. (WGHP) — On Valentine’s Day we aren’t feeling much love at the gas pumps.
Yes, our average price at the pump really did take a big jump last week, rising by 14.9 cents in the Greensboro area, GasBuddy’s survey of gas stations reports.
The average was $3.34 for a gallon of regular unleaded, and yes, that’s about a quarter per gallon more than a month ago and 97 cents higher than on the Feb. 14, 2021.
The good news is that Greensboro’s average is only a penny per gallon higher than the average across North Carolina, based on GasBuddy’s surveys, and that rate is 13 cents lower than the national average ($3.47, which was 4.6 cents higher than last week).
Winston-Salem was a tick lower, averaging $3.33 per gallon, although that was up by 15.0 cents from last week.
The bad news is that gas prices have been rising precipitously and have more than doubled what they were on Feb. 14, 2016. Then we paid an average of $1.66 per gallon in North Carolina and $1.69 across the U.S. Except for a small decline in 2019, the averages have risen steadily since.
If you want to look at trivia, though, these prices are much than lower than they were 10 years ago. In 2012 the price was $3.60 per gallon in North Carolina, and in 2013 it was $3.58. Prices declined by $1.13 from 2014 to 2015.
Why is this happening?
Who should be blamed for these higher prices? Probably Russia and the weather. The threat by Russia to invade Ukraine has pushed the international price for a barrel of crude oil to $94, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a release. And then there is the seasonal transition.
“Not only are oil prices up, but the bulk of the nation is starting the multimonth transition to summer gasoline, further adding to the rise at the pump,” he said. “In addition, cold weather in Texas last week caused some power outages at major refineries, further weighing on markets.
Where are the best deals?
GasBuddy reports the cheapest station in Greensboro was priced at $3.09 per gallon as of Sunday, and the most expensive was $3.89, which was the highest mark in the state. Across North Carolina that average spanned from $2.97 to $3.89. By direct comparison, Durham is just about the same price as Greensboro, averaging $3.34 per gallon, which is up by 14.1 cents.
Will this get better anytime soon?
De Haan: “I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we’ll still see seasonality push prices up, so motorists should be ready to dig deeper.”
Source: Fox 8 Made in North Carolina
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