Charlotte, N.C. (November 9, 2020)– Motorists will continue to see pump prices in the Carolinas trend cheaper following an increase in gasoline stocks and a dip in demand.
“Gasoline demand has weakened due to some states reinforcing travel restrictions or slowing down reopening processes because of increased COVID infections,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Naturally that translates to a continuation of cheaper prices at the pump.”
On the week, North Carolina’s gas price average stayed the same, currently sitting at $1.94 – this is 11 cents cheaper than a month ago and 46 cents less than a year ago. South Carolina’s gas price average sits at $1.81, making the nation’s top 10 least expensive markets – this is 3 cents cheaper than last week, 12 cents cheaper than a month ago and 47 cents less than a year ago.
At $2.11, today’s national gas price average pushed a penny on the week – this is 7 cents cheaper than last month and 51 cents less than a year ago.
Domestic crude prices fell due to market concern about increasing COVID-19 infections worldwide, which will lower crude demand as countries impose more restrictions that will reduce oil consumption. The drop in crude prices occurred despite Energy Information Administration’s weekly report showing that total domestic crude inventories declined by 8 million bbl to 484.4 million bbl. As demand concerns continue to weigh on the market this week, crude prices will likely continue to decrease.
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.