More News

Will gas prices stay down over the holiday?

By Staff Report, posted 3 years ago

In the hustle and bustle of the holiday season, some businesspeople are tying up loose ends before taking some time off to enjoy the Christmas season; others are planning to skip town earlier; some businesspeople are continuing with work as usual. Regardless of how the last couple weeks of December are spent, people from all three groups are affected by gas prices and may wonder where things are headed. 

In November, just prior to Thanksgiving, Greater Fayetteville Business Journal reported on President Biden’s announcement that 50 million barrels of oil were being released from the Strategic Petroleum Reserve in hopes of countering the surging gas and oil prices. 

With the holiday approaching, can travelers expect that the trend of lower gas prices will continue? 

GasBuddy says there’s a possibility, as gas prices have fallen for the fifth week consecutively. 

“With the price of crude oil remaining some $13 per barrel below its 2021 peak, we have continued to see gas prices decline in nearly every city coast to coast, a trend that will likely continue into yet another week,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

 “Omicron concerns continue to be the primary catalyst for the drop in gas prices across much of the country,” he said. “While we’ve seen some anecdotal reports about the new variant, vaccine producers have yet to definitively state if current vaccines will still bring adequate protection against omicron- something that might be critical to limit severity and to avoid new shutdowns. With OPEC+ members still planning to boost oil production in January, we continue to see global oil production slowly rising. In addition, U.S. gasoline demand last week fell to the lowest level since October, which may limit oil’s recent rebound and keep gas prices declining through the end of the year.”

Although prices are continuing to decrease, the nationwide average at $3.25 per gallon is only a penny less than Christmas Day in 2013 at $3.26 per gallon on average – the highest cost to fill up a tank on record. However, with the prices continuing to go down, GasBuddy predicts that the price will drop more by Christmas. 

“We got a Christmas gift that few should complain about: falling gas prices at a time of year when millions of Americans are spending their hard-earned dollars on gifts for their loved ones. The last thing they should have to worry about is expensive gasoline,” said De Haan said. "GasBuddy. “While we might scrape by a razor under 2013’s tally of $3.25/gal on Christmas, the good news is prices should continue to moderate heading into the last moments of 2021. As for what’s coming in 2022, GasBuddy plans to release its annual Fuel Outlook in the days ahead so motorists can plan for the coming year.”

Ico insights

INSIGHTS

SPONSORS' CONTENT

In The Current Issue

Tech for a cause: 2025 Tech ID Day showcases new innovations while supporting warfighters and a good cause

To wrap up the first day, attendees were able to meet up for a social event at the Brad Halling American Whiskey Ko. in Southern Pines where a $10,000 check was presented to the Joint Special Operations Foundation for their scholarship fund. Photo pr


Gathering great ideas: Business incubator coming to the 400 block of Hay Street

The three-story, 200,000 square-foot business incubator space is located at 420 Maiden Lane. The building features an elevator, construction has begun on handicap bathrooms for the first floor and the second and third floors feature window walls offering views of Segra Stadium.


Planting seeds of H.O.P.E: FTCC's Hope, Opportunity, Prosperity through Education Program provides empowerment through hands-on learning

Image provided by FTCCFocused on building the local workforce and streamlining the education process through real world learning, the Hope, Opportunity, Prosperity through Education Program at Fayetteville Technical Community College (FTCC), also kno