Charlotte, N.C. (November 30, 2020) – Gas prices in the Carolinas, specifically North Carolina, have increased on the week seeing the largest jump in quite some time following the Thanksgiving holiday.
“Despite the small increase at the pump, demand still decreased,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “With COVID cases steadily increasing we can still expect gas prices to mostly decrease in the days ahead.”
On the week, North Carolina’s current average sits at $1.99 – 6 cents more than a week ago, 3 cents more than a month ago and 42 cents less than last year. South Carolina’s current average sits at $1.87, not seeing an increase at all during the week. This is 1 cent more than a month ago and 43 cents less than last year. North Carolina also made the nation’s top 10 largest weekly increases and South Carolina made the nation’s top 10 least expensive markets.
At $2.12, the national gas price average is also more expensive on the week. It is 2 cents more than a week ago, but remains cheaper compared to last month (-2 cents) and last year (-46 cents).
U.S. gasoline stocks increased and demand decreased, showing the lowest reading since June. Demand dropped to 8.1 million b/d, a five month low, and stocks built by 2.2 million bbl to total 230.1 million bbl.
While domestic crude prices decreased due to increasing COVID rates, crude prices grew overall last week amid increased optimism that a vaccine for the coronavirus will be available by the end of 2020. Prices were also bolstered by Energy Information Administration’s weekly report, revealing that total domestic crude inventories fell by 800,000 bbl to 488.7 million bbl last week.
Today and tomorrow, the Organization of the Petroleum Exporting Countries (OPEC) will meet with its partners, including Russia and Kazakhstan, to decide if they will continue status quo or increase current crude supply cuts. Either outcome could cause crude prices to continue to climb. Currently, OPEC and its allies in the production reduction agreement have agreed to cut crude output by 7.7 million b/d – approximately 8 percent of global demand – through the end of 2020.
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 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.