Since gas price averages reached unheard of highs of nearly $4 a gallon in mid-July and again in mid-September, the price of both crude oil and a gallon of unleaded gasoline has fallen to almost half of its summer peak.
In the Raleigh area Monday, the average for a gallon of unleaded gasoline fell to $2.04, according to Triple A’s Web site.
North Carolina ranks near the middle with regard to average gas prices by state.
Gasbuddy.com ranks Missouri as the state with the lowest average price for unleaded gasoline: $1.77.
The highest prices in the country are in Hawaii and Alaska, where the average cost for a gallon is more than $3.
As prices continue to fall, students hoping to travel during the Thanksgiving and Christmas breaks have more options.
Matt Stillwagon, a senior in biochemistry from Brick, N.J., said the falling prices will make his trip home during Christmas break much easier.
“I actually haven’t taken an extended trip since gas prices went up,” he said. “I’m interested to see what my funds look life after my trip home during Christmas break.”
Stillwagon said gas prices going up during the last two years impacted his ability to go home.
“I used to go home a lot more my freshman and sophomore years,” he said. “Last year I actually drove home and it was more expensive than I budgeted for.”
The downward trend in gas prices, which began in the late part of the summer, is heavily linked to the struggling economy.
As demand for oil has fallen and so have prices.
Stillwagon said the lower prices make trips to the gas station much less of a struggle.
“Putting $20 in my tank two months ago as compared to now is completely different,” he said. “It takes me a lot farther.”
Zach Sipes, a sophomore in nutrition science from Asheville, said the lower prices are an added bonus of trips he had already planned to take home.
“I’ll probably do the same amount of traveling as I would have before prices went down but it’s nice to know it will cost me about half as much as it would have,” Sipes said of his expenses.
Sipes, who drives a 2003 BMW 530i, said he will spend about half as much on gas to travel home as he would have in July.
“Normally, it would cost me around $70 or $75 for a round trip home,” he said. “But now, it’s about $35 or $40.
Another added bonus, Sipes said, will be the ability to do more while at home.
“I like the option of doing more stuff when I’m home instead of just being stuck at my house,” he said.