CHARLOTTE, N.C. (News Release) — Pump prices in the Carolinas are continuing to trend cheaper as averages are expected to continue to push less expensive heading into December.
“Usually cheaper gas prices are an incentive for people to travel during the holiday weekend,” said Tiffany Wright, spokesperson, AAA – The Auto Club in the Carolinas. “That’s not the case this year. We’ll see a significant decrease in Thanksgiving travel due to the spike in positive COVID cases and the latest CDC guidance, which has prompted people to reconsider traveling and spend the holiday at home.”
On the week, North Carolina’s average currently sits at $1.93 – 3 cents cheaper than last week, 6 cents cheaper than last month and 44 cents less than a year ago. South Carolina’s average sits at $1.87 – 2 cents cheaper than last week and last month ($1.89), but 41 cents less than a year ago. South Carolina also made the nation’s top 10 least expensive markets.
At $2.10, today’s national gas price average is shaping up to be the lowest since 2015. The holiday weekend average that year was a nickel cheaper at $2.05.
The Energy Information Administration’s latest report measured demand, for the week ending November 13, at 8.2 million b/d. That is not only a weekly decrease, but the lowest demand reading since mid-June. As demand dipped, U.S. gasoline stocks increased to nearly 228 million bbl.
Domestic crude prices increased last week amid growing market optimism that a vaccine for COVID-19 will be available by the end of 2020. However, as infection rates increase – alongside new measures imposed by states meant to decrease transmission of the virus – crude prices may decline this week due to failing demand. Additionally, the EIA’s weekly report revealed that total domestic crude inventories grew by 800,000 bbl to 489.5 million bbl last week, signaling that production may be outpacing demand.
For updated state and metro prices log on to https://gasprices.aaa.com/
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.