Charlotte, N.C. (November 7, 2022) – Gas price averages in both North and South Carolina are continuing to decline, even amid rising oil prices fueled by worries over Russian oil production cuts.
“The price of oil made its way back to over $90 per barrel,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “More expensive oil usually leads to more expensive gasoline, but fortunately that’s just not the case here in the Carolinas right now.”
North Carolina’s current gas price average is now $3.36, having a three-cent decline on the week. This is nine cents less than a month ago and 12 cents more than a year ago. South Carolina’s current gas price average is now $3.28, having a two-cent decline on the week. This is five cents less than a month ago and 12 cents more than a year ago.
Today’s national average of $3.80 is nine cents less than a month ago and 38 cents more than a year ago.
According to data from the Energy Information Administration (EIA), gas demand dipped slightly last week and total domestic gasoline stocks decreased. Tighter supply and fluctuating oil prices have put upward pressure on gasoline prices. Pump prices could increase if supply remains tight alongside rising oil prices.
Crude prices spiked at the end of last week after the dollar dropped in value. Moreover, the price of oil rose after the EIA reported that total domestic crude stocks had declined. However, for this week, crude oil prices could face headwinds if market concerns regarding the likelihood of a recession persist. If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.
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 13 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.