Local drivers have seen average gas prices fall to around $3.22, far lower than prices just two months ago.
Photo courtesy AAA
ELIZABETHTOWN — The price of gas in Bladen County has taken drivers on a wild ride during the past few weeks, before finally settling down to average around $3.24 per gallon.
The average price of gasoline in Elizabethtown on Friday was $3.22, according to local price watchers. Prices were a few cents higher in the greater Bladen County area.
In the short term, average prices have generally followed a downward trend since prices topped out at $3.32 in mid-April. To put that into perspective, at this time last year, Bladen County drivers were paying $4.57 on average for a gallon of gas.
And despite what may have seemed like expensive gas locally, Bladen County gas prices have been among the lowest in the country.
On Friday, the average price of gas across the country was $3.54 cents — much higher on the Westcoast. In California for instance drivers were paying on average $4.81. Likewise, in Washington, the average price for a gallon of gas was going for $4.65.
According to a report from Gasbuddy.com, oil inventories have increased in the U.S., which could meen prices will continue to decline.
According to a report released Friday by the Energy Information Administration, crude oil inventories increased by 4.5 million barrels (MMbbl) to a total of 459.7 MMbbl.
At 459.7 MMbbl, inventories are 44.9 MMbbl above last year (10.8%) and are about 2% below the five-year average for this time of year. Inventories in Cushing, Oklahoma, the NYMEX delivery point, rose 1.7 million barrels to a total of 38.9 million barrels.
The Strategic Petroleum Reserve (SPR) fell 2.5 million barrels from the prior week and stands at 355.4 million barrels, 32.5% below the year ago level.
Domestic crude oil production fell 100,000 barrels to 12.2 million barrels per day, 300,000 bpd higher than the year ago period. Alaska oil production fell 24,000 barrels to 418,000bpd, while production in the Lower 48 fell 100,000 barrels to 11.8 million barrels per day.