Charlotte, N.C. (October 17, 2022) – Gas prices in the Carolinas saw little-to-no changes on the week as retail prices at the pump continue to adjust to the hike in oil prices, which occurred more than a week ago.
“Gasoline demand decreased and that helped to minimize the increase of prices at the pump last week,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “But oil prices have also been fluctuating and that’s helped as well.”
Currently, North Carolina’s gas price average sits at $3.50, having no changes on the week. This is 14 cents more than a month ago and 40 cents more than a year ago. South Carolina’s gas price average sits at $3.37, having a one-cent increase on the week. This is 10 cents more than a month ago and 29 cents more than a year ago.
The national average pump price for a gallon of gas decreased three cents over the past week to hit $3.88. Today’s national average of $3.88 is 20 cents higher than a month ago and 56 cents more than a year ago.
According to the Energy Information Administration (EIA), gas demand decreased nationally and total domestic gasoline stocks increased. If demand continues to drop coupled with a slide in oil prices, drivers could see increases in prices at the pump start to slow and even come down through the week.
For this week, crude prices could continue to weaken as interest rates rise globally. Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased.
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.