Charlotte, N.C. (August 2, 2021) – Carolinians are paying a pretty penny to hit the roads this summer and the beginning of August will likely be just as expensive as July, especially as crude oil prices remain over $70 per barrel.
“On average, motorists are spending a lot more at the pump to fill up since the beginning of May,” said Tiffany Wright, Public Affairs Director, AAA – The Auto Club Group in the Carolinas. “If crude oil prices continue to increase then August could prove to be even more expensive.”
North Carolina’s current gas price average sits at $2.93 per gallon, which is 4 cents more than a month ago and 96 cents more than a year ago. South Carolina’s current gas price average still sits at $2.89, not seeing any changes on the week, which is 8 cents more than a month ago and 99 cents more than a year ago. South Carolina is still a part of the nation’s top 10 least expensive markets.
On the week, the national gas price average increased by 2 cents to $3.17 – a nickel more than a month ago and 99 cents more than a year ago. The monthly national gas price average had increased from $3.00 in May to $3.07 in June to $3.15 in July.
An increase in global crude production is expected this month. However, even with the additional supply, global demand could outpace global supply and keep prices high. Crude oil could also be driven by market concerns of rising COVID cases and how that could negatively affect global demand in the near future.
A weaker dollar helped to push prices higher last week, while market concerns surrounding demand recovery continued to grow. Crude prices were also bolstered after the Energy Information Administration’s (EIA) latest report showed that total domestic crude stocks declined by 4.1 million bbl to 435.6 million bbl. For this week, crude prices could climb higher if EIA’s next weekly report shows another decline in total domestic crude supply.
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.