Charlotte, N.C. (February 28, 2022) – Gas prices in the Carolinas have been on a constant upward trend with no signs of slowing down, as Russia’s invasion of Ukraine roiled the oil market and caused crude to briefly spike to over $100/bbl before settling back into the mid $90s. The driving factor behind higher gas prices continues to be the increase in the global price of oil.
“Russia’s invasion of Ukraine paired with sanctions by the U.S. has had some effects on the global oil market,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Motorists are definitely experiencing the ripple effect of things at the pump with prices steadily increasing.”
Today, North Carolina’s current gas price average is $3.55, having a 13-cent increase on the week. This average is 42 cents more than a month ago and 99 cents more than a year ago. South Carolina’s current gas price average is $3.47, having a 16-cent increase on the week. This average is 39 cents more than a month ago and 99 cents more than a year ago. This is the highest weekly increase for both states this year so far.
The national average of a gallon of gas is $3.61 – eight cents more than a week ago, 26 cents more than a month ago and 90 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 600,000 bbl last week. Meanwhile, gasoline demand rose slightly from 8.57 million b/d to 8.66 million b/d. The increase in gas demand and a reduction in total supply also contribute to rising pump prices, but increasing oil prices play the lead role in pushing gas prices higher. Pump prices will likely continue to rise as crude prices continue to climb.
Although crude prices saw some fluctuations on Friday, they surged after Russia launched its military invasion of Ukraine earlier in the week. As the conflict continues, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies this week. Additionally, EIA reported that total domestic crude stocks increased by 4.5 million bbl to 416 million bbl. The current stock level is approximately 10 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.
For updated state and metro prices log on to https://gasprices.aaa.com/
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 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.