Charlotte, N.C. (June 21, 2021) – Increasing gasoline stock levels have helped to keep gas prices in the Carolinas mostly stable, as both North and South Carolina see minimal changes at the pump this past week.
“Despite an increase in demand, motorists aren’t seeing significant jumps in gas prices,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Crude prices are trending cheaper which has also helped to minimize jumps at the pump.”
North Carolina’s current gas price average sits at $2.88, seeing a 1-cent increase on the week. This is 4 cents cheaper than a month ago but 90 cents more expensive than last year. South Carolina’s current gas price average sits at $2.76, seeing a 3-cent decrease on the week. This is 10 cents cheaper than a month ago but $1.00 more expensive than last year. South Carolina is also a part of the nation’s top 10 biggest weekly changes.
Today’s national gas price average decreased by a penny since last Monday, down to $3.07 today. This is more expensive on the month (+3 cents) and the year (+95 cents).
According to Energy Information Administration (EIA) data, total gasoline stocks sit at 242.9 million bbl, which is a 9 million bbl surplus compared to the same week in June 2019. Stock levels have increased in line with refinery utilization rates, which are up to its highest rate since January 2020. Demand is also trending higher. In EIA’s latest report, demand increased by nearly 1 million b/d to 9.3 million b/d.
Last week, crude oil jumped to $72/bbl, but decreased by $2/bbl at Friday’s close. If crude prices trend at this or a lower price point for a sustained period, that would help to minimize jumps at the pump through the end of this month.
Although a stronger dollar helped to limit price gains at the end of the week, crude prices fluctuated last week, between $70 and $72/bbl, due to optimism that vaccine rollout will continue to help crude demand recover. Additionally, EIA’s latest report, revealing that total domestic crude supplies decreased by 7.4 million bbl to 466.7 million bbl last week, helped to bolster crude prices. For this week, crude prices could continue to climb, especially if EIA’s next weekly report shows another decline in total domestic crude supply.
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 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.