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Gas prices under $2
Demand down in past 6 months
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Published: November 15, 2008
Prices for regular unleaded gasoline have fallen below $2 a gallon in Winston-Salem.
Several of the gas stations along Peters Creek Parkway from Silas Creek Parkway to the Forsyth-Davidson county line had gas for less than $2 a gallon yesterday.
For example, Murphy USA in front of the Wal-Mart Supercenter on Peters Creek Parkway sold gas for $1.97 a gallon, and the Quality Mart convenience store at Southpark Boulevard and Peters Creek had gas at $1.99 a gallon.
In the Triad, the average price of unleaded gas was $2.14 a gallon yesterday, down 3 cents from Thursday and 1 cent cheaper than yesterday's national average of $2.15. The state average was $2.16.
Prices at many stations in Winston-Salem were significantly above $2, some more than $2.20.
Light, sweet crude for December delivery fell $1.20 to $57.04 a barrel yesterday on the New York Mercantile Exchange.
Carol Gifford, a spokeswoman for the AAA Carolinas auto club, said that the main reason that gasoline prices are dropping is because motorists have been driving less for the past six months.
"There is concern that there is going to be less economic development because of the recession/economic downturn," Gifford said. "New construction and remodeling is not happening right now. Everything is being put on hold because of the economic downturn. What that means is that there is less demand for both gasoline and petroleum products in general."
There are rumblings that the Organization of Petroleum Exporting Countries might call another emergency meeting to make a cut in oil production.
"Their first cut, which started Nov. 1 and was 1.5 million barrels a day, did not seem to have any stabilizing effect on the price of oil," Gifford said. "Of course, the OPEC oil-producing companies are concerned that they are losing money each day when the price of a barrel of oil falls."
Motorists along Peters Creek Parkway were glad to get gas yesterday for half of what they were paying when gas prices peaked during the summer.
Jamilah Pugh of Winston-Salem stopped for gas at Brewer Family Fare. "I'm loving it," she said. "This is a blessing." Pugh, the mother of six, uses her savings on gas to help pay for food and field trips for her children.
Ryan Martinez of Pfafftown, a student at Forsyth Technical Community College, would like to see gas prices drop a lot lower. "It should be in the $1.70s because the price of a barrel of oil is under $60," he said.
Tim Smith of Winston-Salem said he wants prices to drop another dollar. "I'm old enough to remember when it was like 33 cents a gallon," he said pumping gas into his van at Quality Mart.
Erik Johnson of Winston-Salem, a student at Forsyth Technical Community College, doesn't expect gas prices to get much below $1.99 a gallon.
Some motorists are waiting for the prices to reverse all of a sudden.
Audra White, the operator of Brewer Family Fare, said that people constantly want to know how long prices will be low.
"It's like it's something too good to be true," White said.
Henry Clark of Winston-Salem understands. Two months ago, he said, it hurt to put gas in his F-150 Ford truck. Now, gas is more affordable, but he is concerned about the overall U.S. economy and what could happen to jobs and gas prices in the near future.
"It's good right now, but how long is it going to stay low?" Clark asked. "The economy is bad."
■ Fran Daniel can be reached at 727-7366 or at fdaniel@wsjournal.com.
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