Charlotte, N.C. (September 8, 2020) – The Carolinas saw a downturn in prices at the pump as gasoline demand declined and both states make the nation’s top 10 largest weekly decreases.
“While Carolinians enjoyed some of the lowest Labor Day prices in more than a decade, we might see even cheaper prices as we head into fall,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Demand will likely be low as we wrap up the summer travel season, which should result in more savings at the pump.”
On the week, majority of state averages are cheaper by a few cents. North Carolina’s current average is $2.08 – four cents less than last week, 13 cents more than a month ago and 28 cents cheaper than a year ago. South Carolina’s current average is $1.96 – four cents less than last week, seven cents more than a month ago and 27 cents cheaper than a year ago.
At $2.21, today’s national average is two cents less than last week, one cent more than last month and 35 cents cheaper than a year ago. The national average during the unofficial start and stop to summer was $2.15, the cheapest it has been since 2004.
Gasoline demand diminished this summer, which ultimately meant increased supply and cheaper prices at the pump. That trend continues. In its latest report, the Energy Information Administration reported that demand dropped from 9.16 million b/d to 8.79 million b/d. While gasoline stocks dropped by 4.3 million bbl to 234.9 million bbl, total supply is 5.2 million bbl more than this time last year.
The price of crude decreased in reaction to a decline in the stock market at the end of last week. The price decreased despite the EIA’s weekly report revealing that total domestic crude inventories dropped by 9.4 million bbl, lowering total domestic stocks to 498.4 million bbl. For this week, crude prices could decline further if crude demand concerns arise amid another stock market downturn.
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.