Prices at the pump continue to fall statewide and citywide, mirroring the overall trend nationwide.
As of early Monday, the average cost of 1 gallon of regular gas in Charlotte is $1.988, which is the cheapest of all metro areas in the state and down from $1.990 Sunday, according to auto group AAA. The North Carolina average cost is is $2.054, a drop from Sunday’s $2.056, and about in line with the current U.S. average of $2.056.
Statewide, the price of gas has fallen $1.231 a gallon over the past year. In Charlotte, it’s dropped an even steeper $1.264.
The oil prices have declined more than 50 percent over the past six months – driving down gas prices – as global production has outpaced demand. It’s unclear how long prices will remain low. Adding to the uncertainty is an ongoing oil worker strike at plants accounting for 10 percent of U.S. refining capacity, Bloomberg reported Monday. The strike is the biggest since 1980 and could curtail the processing of crude oil.