Gas prices in Charlotte, nationwide continue to decline

Gas prices in the Charlotte metro area continue to decline, mirroring a national trend and providing further financial relief for local drivers.

As of Tuesday, Charlotte drivers could expect to pay $2.285 for a gallon of unleaded gas on average, according to automobile group AAA. That price is a fraction of a penny cheaper than last week, 1 cent pricier than a month ago and $1.167 cheaper than this time last year.

Gas in North Carolina averaged $2.295 per gallon, up slightly from $2.289 a week ago. South Carolina has the cheapest gas in the country at $2.103 a gallon, which is down from $2.105 a week ago. Nationwide, gas costs $2.414, compared with $2.419 one week ago.

Fuel prices are lower across the U.S. because regional refineries are resuming production after undergoing scheduled maintenance and a transition from winter blend gas, according to a report from AAA. Drivers in 34 states and the District of Columbia are paying less for gas now compared with one week ago.

Sharply lower oil prices now compared with this time last year have resulted in savings at the gas pump of more than $1 per gallon nationwide. The savings should be a tailwind for the American economy, and many economists anticipate that strong gains in consumer spending will support growth of the overall economy in 2015.

As of early Tuesday, the price of West Texas Intermediate crude, the domestic benchmark, was $47.51 a barrel, while Brent crude, the international benchmark, was $55.08 a barrel.

This story was originally published March 31, 2015 at 7:12 AM with the headline "Gas prices in Charlotte, nationwide continue to decline."