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Gas prices below $4 for first time since surging to record highs in June

The price of gas has fallen every day since hitting a record high in June, according to AAA.

CHARLOTTE, N.C. — The average price of gas in North Carolina and South Carolina is now below $4 for the first time since prices rose sharply earlier this year on their way to record highs. 

The average price of gas in North Carolina is now $3.98, according to AAA. South Carolina drivers are paying some of the lowest prices in the U.S. at $3.81 per gallon, AAA reported. Texas has the lowest average gasoline price at $3.80 per gallon. The national average is $4.30. 

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Industry experts believe the sharp drop in fuel prices is led by a decrease in demand. The national average fell 17 cents last week, and has fallen every day since hitting a record $5.01 on June 14. 

"Consumers appear to be taking the pressure off their wallets by fueling up less," AAA spokesperson Andrew Gross said. "And there's reason to be cautiously optimistic that pump prices will continue to fall, particularly if the global price for oil does not spike. But the overall situation remains very volatile."

Earlier this month, the price of crude oil dropped below $100 for the first time since May. 

One month ago, drivers in North Carolina were paying $4.53, while South Carolinians saw $4.42 at the pump. Prices in both states hit new records in mid-June. 

Diesel prices continue to hover around $5. In South Carolina, diesel has dropped to $4.98, down from a record $5.63 last month. In North Carolina, down 54 cents from June's record of $5.76.

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