WITN - Pitt County - Headlines
Posted: Wed 11:46 PM, May 23, 2012
Reporter: April Davis/ Dan Yesenosky
Lowest 2012 Crude Prices Don't = Lower Gas Prices This Holiday Weekend
At less than $90 a barrel, the price of oil is the lowest it has been all year.
For those looking to travel for Memorial Day weekend, you would think this would mean lower gas prices, but professor Lester Zeager from ECU says the process takes time.
"Crude oil is what we get out of the ground, and there are steps in the refining to get to gasoline. So there's a chain of products there, and the price of crude will effect the price of gasoline but maybe not immediately," said Zeager.
We spoke with several in eastern Carolina about their holiday weekend plans. They all said gas prices are causing them to adapt how they will travel, even though they have dipped in recent weeks.
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