Charlotte, N.C. (May 24, 2021) – Although prices at the pump have stabilized, Carolinians hitting the road this week to celebrate the unofficial kick-off to summer will be met with the most expensive Memorial Day weekend gas prices since 2014.
“Gas prices are expected to fluctuate leading up to the holiday weekend,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “With there being an increase in travel demand, prices are likely to be expensive no matter where you fill up.”
North Carolina’s current gas price average ($2.91) saw a 2-cent decline on the week. This is 28 cents more expensive than a month ago and $1.09 more expensive than last year. South Carolina’s current gas price average ($2.85) also saw a 2-cent decline on the week. This is 25 cents more expensive than a month ago and $1.19 more expensive than last year.
The national gas price average saw a 1-cent decline to $3.03, the first decrease in two weeks. While barely cheaper on the week, the average is 17 cents more than last month and $1.12 more expensive than last year.
While the Colonial Pipeline is back in operation and refueling is in progress, some stations in the southeast continue to experience supply strain. This is likely to extend into the holiday weekend, however, motorists will still be able to fill-up.
While a stronger dollar contributed to higher prices for the day, on the week crude prices declined as the market remains concerned that increasing coronavirus infections around the world could reduce crude consumption this year. Additionally, new market concerns about inflation and the Energy Information Administration’s (EIA) weekly report revealing that total domestic crude inventories increased by 1.3 million bbl to 486 million bbl helped to reduce crude prices last week. If EIA’s next weekly report shows another increase in crude stocks, prices could decrease further 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 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.