Charlotte, N.C. (October 4, 2021) – Gas prices in the Carolinas continue to edge higher with the probable causes for the increase being a slight uptick in demand alongside the high price of crude oil that has been staying above $73 bbl.
“Supply chain concerns that stem from the pandemic could be an issue as to why crude oil prices have elevated,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “But we’re still hopeful that there may be some relief on the horizon since OPEC might ramp up production increases a little faster than previously agreed.”
North Carolina’s current gas price average sits at $3.01, seeing a 6-cent increase on the week. This average is 5 cents more expensive than a month ago and 97 cents more expensive than last year. South Carolina’s current gas price average sits at $2.91, seeing a 2-cent increase on the week. This average is 2 cents more expensive than a month ago and $1.00 more expensive than last year.
Today’s national gas price average of $3.20 is two cents more expensive than a month ago and is $1.02 more expensive than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased slightly by 200,000 bbl. Gasoline demand also experienced more than a 5% increase. However, according to the EIA, oil and natural gas production was lower than pre-pandemic levels during the same quarter in 2019. This tightened supply is helping keep crude prices above $73 per barrel and preventing pump prices from taking their usual seasonal swoon.
Crude prices increased on the week due to a stronger dollar and despite EIA’s recent report showing that total domestic crude inventories increased by 4.5 million bbl. For this week, prices could decline if OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, moves forward with an agreement to produce an additional 400,000 b/d in November. The collective previously decided in July to boost crude output by 400,000 b/d each month until at least April 2022 in a push to phase out 5.8 million b/d of existing production cuts. OPEC+ is meeting Monday via videoconference. The proposed increase would be in addition to the July boost.
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 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.