GREENSBORO, N.C. (WGHP) – You’ve been hearing a lot lately by falling fuel prices, and as of today we know that the average price of a gallon of regular unleaded gasoline in the Greensboro area is $3.88.

That’s based on the weekly survey of gasbuddy.com, which tracks prices nationally. AAA has the price slightly higher: at $3.89.

Either way, the average price dropped another 13 cents or so in the market and is down a significant 54.9 cents since July 1. The bad news is that it’s still nearly $1 higher (95.3 cents, to be exact) than a year ago.

The average across North Carolina is $3.86, and prices are slightly higher in Winston-Salem ($3.90) and among the highest in Durham ($4.11).

These are the trends in fuel prices as tracked by AAA. (AAA.com)

GasBuddy reports the national average is $4.17, down 65.5 cents in July, although the price of diesel remains high, at $5.27, which affects the cost of transporting goods. That’s about $2 more than a year ago

AAA has the national average for regular unleaded at $4.21 and more than a dollar higher than a year ago. For diesel, it’s $5.279.

“We continue to see average gas prices falling in every state, with the national average down for the seventh straight week,” Patrick De Haan, GasBuddy’s head of petroleum analysis, said in a release. “Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below.”

GasBuddy said its survey found the cheapest fuel outlet in Greensboro to be $3.39 per gallon as of Sunday, with the most expensive at $4.69.

The lowest prices in North Carolina show in New Bern, where the Speedway on ML King Jr. Blvd. is at $3.29. Several of its competitors were at $3.33.

GasBuddy analyst Patrick De Haan.

Will prices remain down?

AAA shows the average prices to be lowest in states across the South. All but North Carolina, Florida and Virginia are averaging $3.846 per gallon or less.

These trends haven’t deterred oil companies, which in their second quarter reported a record $50 billion in profit.

That begs the question: Will this decline in consumer cost continue? De Haan suggests that depends on where you live.

“The outlook is for a continued drop in most areas, however, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do. … “As long as oil prices hold at these levels or lower, we’ll see another decline in most areas this week.”

Historical trends

GasBuddy’s historical average gasoline prices for July 31 in Greensboro and the national average going back 10 years:

                    GSO           U.S.

2021:        $2.93        $3.16

2020:        $1.92        $2.18

2019:        $2.50        $2.72

2018:        $2.68        $2.87

2017:        $2.18        $2.32

2016:        $1.99        $2.12

2015:        $2.43        $2.65

2014:        $3.38        $3.51

2013:        $3.50        $3.62

2012:        $3.43        $3.52