Charlotte, N.C. (October 3, 2022) – Motorists in the Carolinas are still experiencing a decline in prices at the pump, even amid tight supply and increased demand as more people fuel up.
“Crude oil prices could rise this week, but as of now that’s not the case,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “If they do though, only then is it possible that prices at the pump could potentially increase.”
North Carolina’s current gas price average now sits at $3.30, having a three-cent decline on the week. This is 20 cents less than a month ago but 29 cents more than a year ago. South Carolina’s current gas price average now sits at $3.26, having a five-cent decline on the week. This is 16 cents less than a month ago but 35 cents more than a year ago.
Today’s national average of $3.79 is the same as a month ago but 60 cents more than a year ago.
According to data from the Energy Information Administration (EIA), gas demand increased nationally last week, while total domestic gasoline stocks decreased. If demand remains robust as supply tightens, motorists should brace for rising pump prices through the weekend.
Crude prices decreased at the end of last week due to lingering market concerns that demand will decline if global economic growth stalls or decreases due to a recession. However, reports have emerged that the Organization of the Petroleum Exporting Countries (OPEC) and its allies—including Russia—known as OPEC+ intend to announce collective oil production cuts at their next meeting on October 5. If OPEC+ reduces production, crude prices could rise this week.
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.