Charlotte, N.C. (October 19, 2020) – Lower gasoline demand back tracked last week and has contributed to declining pump prices across the Carolinas, causing both North and South Carolina to make the nation’s top 10 largest weekly decreases.
“Decreases in gasoline demand and supply continue to push gas price averages cheaper on the week,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Even with total domestic stocks decreasing and imports falling to their lowest rate since September, we’re seeing pump prices decrease for the majority of the country.”
On the week, North Carolina’s gas price average decreased by three cents, currently sitting at $2.01 – this is one cent less than a month ago and 42 cents cheaper than last year. South Carolina’s gas price average also decreased by three cents, currently sitting at $1.90 – the same average as last month, but 41 cents cheaper than last year.
Today’s national average is $2.16, two cents less than a week and month ago, and 49 cents cheaper than last year.
Domestic crude prices decreased at the end of last week due to market concern regarding an increase in COVID-19 infections worldwide. As more social restrictions are introduced, crude demand will likely decline. The price drop occurred despite the Energy Information Administration’s new weekly report showing that total domestic crude inventories declined. For this week, ongoing demand concerns could cause prices to decrease further.
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.