Global supply concerns keep upward pressure on the pump
Charlotte, N.C. (May 2, 2022) – Gas prices in the Carolinas have increased significantly over the past week, with both North and South Carolina averages trending more expensive due to the high cost of crude oil.
“It’ll be difficult for the price of crude oil to fall as long as supply remains tight,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Global supply concerns are keeping upward pressure on oil prices and many countries are still looking to limit the import of Russian oil. Since oil prices account for about 60% of what drivers pay at gas stations, volatility at the pump is likely to continue through the summer travel season.”
Currently North Carolina’s gas price average sits at $3.94, having a 12-cent increase on the week. This is 3 cents less than a month ago but $1.27 more than a year ago. South Carolina’s gas price average sits at $3.85, having a 7-cent increase on the week. This is 2 cents less than a month ago but $1.25 more than a year ago.
The national average for a gallon of regular gas is now $4.19, also having a 7-cent increase on the week, which is a penny less than a month ago but $1.29 more than a year ago.
The U.S. price for a barrel of oil advanced 3% last week. Friday’s closing settlement of $104.69 per barrel is $2.62 more than the week before, yet $1.85 less than two weeks ago.
Ways to Save on Gasoline
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
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.