Charlotte, N.C. (November 2, 2020) – Heightened concerns about the increase in COVID-19 cases and the reinstatement of lockdown policies have driven crude oil prices down to its lowest closing price since June, causing the Carolinas to see a consistent decrease in gas prices that will likely continue.
“We haven’t seen price averages at the start of November be this cheap since 2004,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “If crude oil continues to push cheaper, it’s likely we could see pump prices continue to remain below $2/gallon even at the end of the year.”
Both North and South Carolina made the nation’s top 10 largest weekly decreases seeing a 4-cent decline on the week. North Carolina’s gas price average currently sits at $1.94 – this is 11 cents cheaper than a month ago and 46 cents less than a year ago. South Carolina’s gas price average sits at $1.84 – this is 8 cents cheaper than a month ago and 42 cents less than a year ago.
Today’s national average also pushed 4 cents cheaper, now sitting at $2.12 – while almost every state saw gas prices hold steady or decrease. Across the country, state gas price averages are cheaper on the month and the week. Motorists today can find gas for $2/gallon or less at 52% of gas stations.
Domestic crude prices decreased in light of market concern about increasing COVID-19 infections worldwide, which could lower crude demand. The Energy Information Administration’s weekly report has also contributed to the decline in prices after it showed that total domestic crude inventories grew by 4.3 million bbl to 492.4 million bbl. If demand concerns continue this week, crude prices will likely decrease again.
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.