In a statement recently issued by the U.S Energy Department, drivers throughout North Carolina and the nation at large have been advised to get used to cheaper gas prices.
The move comes in the wake of rising oil production, a stronger US currency and financial weak spots in economies overseas that have been reducing the amount of oil that is being consumed.
Combined with an increase in oil output from refineries in the US and a large stockpile of oil, drivers are expected to pay less than 40 cents per gallon compared to the same time period as last year.
In a statement from Tim Quinlan – an economist at Wells Fargo:
“It would be a reversal of the trend over the last few years where consumers can’t stretch a dollar far enough,”
As the United States heads into the holiday period, many in the financial sector are anticipating increased spending due to the immediate impact that these price reductions have on most American families.
Currently, oil is trading at approximately $80 a barrel – a reduction of 32 percent since late June.
While this is great news for families throughout North Carolina, at the law offices of Riddle & Brantley, we urge all drivers to continue to use caution while on the roads – especially during the winter season – and in the event of being involved in a fender bender, to contact us today at 800-525-7111.
Your first consultation is FREE and we only get paid when we obtain a recovery on your behalf.