Charlotte, N.C. (October 10, 2022) – Gas prices in the Carolinas are trending more expensive after OPEC’s recent announcement that crude output would be cut next month by 2 million barrels per day. This led to the price of oil rising above $90 per barrel for the first time in several weeks.
“When the cost of oil is high, that typically means more expensive gas prices,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “There’s also been an increase in demand as more motorists have been fueling up.”
Currently, North Carolina’s gas price average now sits at $3.50, having a 20-cent increase on the week. This is seven cents more than a month ago and 44 cents more than a year ago. South Carolina’s gas price average now sits at $3.36, having a 10-cent increase on the week. This is three cents more than a month ago and 35 cents more than a year ago.
Today’s national average of $3.91 is 19 cents higher than a month ago and 65 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand increased nationally last week, as total domestic gasoline stocks decreased significantly. High gasoline demand, amid tight supply, has led to higher pump prices nationwide.
Although crude prices have surged, the pricing impact may be short-lived as demand concerns continue to weigh on the market. For this week, crude prices could reverse course if the market continues to see indicators of weakening demand, which could see crude prices decline due to falling demand.
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.