Charlotte, N.C. (January 19, 2021) – Gas prices have been rising this year in the Carolinas as crude oil prices continue to increase, last week pricing as high as $53/bbl.
“The price increase of crude seemingly outweighs the low gasoline demand,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Motorists can expect gas prices to continue to climb through at least the end of the month.”
North Carolina’s current gas price average sits at $2.22, seeing a 2-cent increase on the week. This is 17 cents more expensive than a month ago, but 18 cents cheaper than last year. South Carolina’s current gas price average sits at $2.16, seeing a 6-cent increase on the week. This is also 17 cents more expensive than a month ago, but 13 cents cheaper than last year. Additionally, South Carolina is still a part of the nation’s top 10 least expensive markets.
Since the beginning of the year, the national gas price average has also steadily increased 13 cents. Today’s average is $2.38 – a nickel more than last week. However, still cheaper year-over-year by 17 cents.
The latest Energy Information Administration (EIA) reports show gasoline demand remains low at 7.5 million b/d, which contributed to a 4.4 million bbl increase to gasoline supply, for a total of 245 million bbl.
Crude prices decreased at the end of last week due to a strong dollar and an increase in the number of new coronavirus infections, leading to market concern that oil demand may dip as new restrictions are imposed. Earlier in the week, the EIA’s latest weekly report helped bolster crude prices by detailing that total domestic crude inventories declined by 3.2 million bbl to 482 million bbl. However, for this week, crude prices could continue to decrease if market concerns grow regarding demand as the number of coronavirus infections continues to climb.
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.