Charlotte, N.C. (December 7, 2020) – Pump prices continue to trend cheaper in the Carolinas as crude oil prices hit their highest price point in nine months.
“Despite a significant gain in crude oil prices there’s still been consistent lows for pump prices in the Carolinas,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Gasoline demand saw its lowest weekly reading since June so its likely gas prices will remain relatively cheap.”
North Carolina’s gas price average decreased by 1 cent on the week, currently sitting at $1.98. This is 4 cents less than a month ago and 40 cents cheaper than last year. South Carolina’s gas price average increased by 4 cents on the week, currently sitting at $1.91. This is 9 cents more than a month ago and 37 cents cheaper than last year.
At $2.16, the national gas price average is more expensive on the week (+4 cents) and the month (+5 cents), but cheaper (-42 cents) compared to last year at this time.
Last week, crude oil prices reached a high of $46/bbl, a price point not seen in nine months since early March. However, it is possible that prices have capped and will decrease as COVID cases rise, which will likely contribute towards lower demand numbers this month. Ultimately, that will lead to motorists seeing cheaper gas prices the closer we get to the holiday season. Last December the national gas price average was $2.57. One week into the month this year, the average is $2.15.
Crude prices increased last week amid continued market optimism that COVID vaccines will be available in the coming weeks. The market was also buoyed by OPEC and their allies agreeing to increase crude production by 500,000 b/d to total 7.2 million b/d beginning in January. This move follows reported disagreements among OPEC members whether to extend production cuts for another three to six months amid the pandemic, or – which they agreed to – to move ahead with plans to gradually increase production. However, the cartel and its partners will review crude output monthly and adjust as needed. For this week, the ongoing surge in the number of coronavirus infections domestically may cap crude oil price gains, while states increase measures meant to stop the spread of the virus that could decrease oil consumption.
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.