CHARLOTTE, N.C. (News Release) — Pump prices in the Carolinas are continuing to trend upward as gasoline demand reached a new Energy Information Administration (EIA) record last week, which partially reflects the July 4th holiday weekend travel.
The price of crude oil fluctuated last week following OPEC’s failure to reach an agreement on production increases, and continues to be a dominant factor in determining how high prices will go this summer. Last week ended with higher crude prices than the start, though still under $75/bbl. AAA believes those prices have the potential to increase this week, which will only lead to more expensive pump prices, especially amid robust demand.
“We’re in the midst of peak summer driving season with motorists hitting the roads for vacation and gas prices aren’t backing down,” said Tiffany Wright, Public Affairs Director, AAA – The Auto Club Group in the Carolinas. “On average, motorists are paying nearly a dollar more per gallon than last summer to fill up.”
North Carolina’s current gas price average sits at $2.90, seeing a 1-cent increase on the week. This is 2 cents more expensive than a month ago and 86 cents more expensive than last year. South Carolina’s current gas price average sits at $2.86, seeing a 5-cent increase on the week. This is 7 cents more expensive than a month ago and 92 cents more expensive than last year. South Carolina is also a part of the nation’s top 10 largest increases and top 10 least expensive markets.
Today’s national gas price average is now up to $3.14 per gallon.
Crude prices declined early last week due to a stronger dollar and market concerns about excess crude supply. However, prices increased following the release of EIA’s report that showed total domestic crude inventories decreased by 6.9 million bbl to 445.5 million bbl. If EIA’s next weekly report shows another decline in total domestic crude inventories, prices could climb further this week.
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 62 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.