OPEC decision could stop gas price drop |
Written by Alyssa Marcus/Jeff Hamlin
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Thursday, 09 June 2011 10:07 |
(CHARLOTTE) -- On the heels of OPEC announcing this week that oil production will remain at current levels, AAA Carolinas spokesman Brendan Byrnes said earlier predictions of a significant drop in gas prices may have to be changed. He said the most recent decreases in gas prices could be the last ones for a while.
"Prices have dropped 4 cents from a week ago and 23 cents from a month ago, so there is some downward pressure on prices. Whether or not we'll continue to see these penny drops, or a little bit less than a penny, day after day, it's unlikely," said Byrnes.
He added that the Energy Information Administration believes we have passed our peak in terms of gas prices, but that is dependent on hurricane activity and unrest in the Middle East. The current average for a gallon of regular gas in North Carolina on Thursday morning is about $3.63.
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