CHARLOTTE, N.C. — Both North and South Carolina are on the nation’s top 10 largest weekly changes list seeing minimal increases at the pump despite gasoline demand reaching its highest measurement last week since mid-March.
On the week, the Carolinas experienced very minimal jumps with their averages seeing only a two cent increase. North Carolina’s $1.96 average is now six cents cheaper than last month and 48 cents less than a year ago. South Carolina’s $1.90 average is now three cents cheaper than last month and 37 cents less than a year ago.
“Although we saw a small increase in the Carolinas, gas prices are stalling for the most part,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Nearly 40 states saw either minimal movement at the pump or no change in their averages at all.”
Today’s national average of $2.17 is three cents cheaper than last month and 45 cents less than a year ago, pushing only as expensive as $2.20 since the beginning of the pandemic.
Across the country, 72% of all stations are selling gas for less than $2.25 and 41% have gas under the $2/gallon mark. Gasoline stocks have been measured at 247 million bbl – a 12 million year-over-year surplus, making this an extremely healthy supply amid lower seasonal demand and paving the way for one of the lowest annual gas price averages this decade.
At the end of Friday’s formal trading session, WTI decreased by 23 cents to settle at $42.01 per barrel. Crude prices ended the week lower after the International Energy Agency reduced its outlook for 2020 global oil demand to 91.9 million b/d from 92.1 million b/d. Reduced demand for gasoline and other transportation fuels, including jet fuel, have pushed global crude demand down. As new COVID-19 infections increase world-wide, global demand will likely continue to decline and contribute to further reductions in crude prices 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 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
