Gas prices are almost under $4 a gallon in one local town. What you can expect at the pump

As Fourth of July approaches, gas prices across Southeastern North Carolina have been dropping.  

According to AAA – the Auto Club Group in the Carolinas, North Carolina’s average gas price was $4.53 per gallon on Tuesday.  

In Shallotte, some gas stations were advertising prices as low as $4.16.  

At a Circle K gas station there, many people were on their way home after vacations to beach destinations in the area. Travelers said gas prices have taken a hit on their wallets this summer.  

Bill Wyatt, from Lexington, Virginia, said he has regularly been paying $100 to fill up his truck's tank.

“That’s when the machine shuts off, at $100,” he said.  

Wyatt said he deliberately planned to go through Shallotte on his trip home from Holden Beach, so he could take advantage of the low fuel prices in the area. 

Wyatt’s son, Tucker, said that lately he’s been spending about half of his expendable budget on gas. Living in New York City, he commutes 14 miles from Brooklyn to Queens each day for his job as a baseball coach.  

The pair welcomed Tuesday’s break at the pump. 

“Three to four bucks, that’s pretty crazy, like pretty ludicrous,” said Tucker Wyatt. 

Decreasing prices in the state are in line with a larger national trend.

Summer crowds:Beach businesses are expecting record crowds, as the height of summer approaches

Beach businesses cope:How Wilmington beach businesses are coping with labor shortages, supply chain gaps, more

Fireworks:Where to watch July 4th fireworks in the Wilmington area

Amid fears of a potential global recession after the Federal Reserve Bank raised interest rates earlier this month, demand for oil fell. This lowered the price of oil and caused gas prices to drop across the country. 

Cost per barrel of crude oil was around $107 on Monday, down from the previous week’s $110, according to AAA. 

Despite this, gas prices are still higher than in past years. AAA said the current $4.53 per gallon average is 18 cents higher than this time last month and $1.66 higher than a year ago. 

With the Fourth of July right around the corner, a break in rising gas costs comes just in time for one of the country’s busiest travel days of the year.  

“Prices at the pump are finally moving in a favorable direction,” said Tiffany Wright, a spokesperson for AAA – The Auto Club Group in the Carolinas. “But despite the decline, gas prices are still likely to be the highest in history for the July 4th holiday.” 

AAA expects 47.9 million people to travel at least 50 miles from their homes over the holiday weekend.