Charlotte, N.C. (August 16, 2021) – Although gas prices in the Carolinas are stabilized, they still remain high as new data from the Energy Information Administration (EIA) showed that gas demand and supply has decreased.
“The drop in demand has helped to minimize increases at the pump,” said Tiffany Wright, Public Affairs Director, AAA – The Auto Club Group in the Carolinas. “But elevated crude prices continue to keep gas prices high as the end of summer draws near.”
North Carolina’s current gas price average is $2.92, seeing a 1-cent increase on the week. This is 2 cents more than a month ago and 96 cents more than last year. South Carolina’s current gas price average is $2.87, seeing a 1-cent decrease on the week. This is 3 cents less than a month ago but 97 cents more last year. Both states are a part of the nation’s top 10 least expensive markets.
The national average has held steady at $3.18 for seven days after reaching its highest point so far this year. Today’s national average is a penny less than a week ago, two cents more than a month ago and $1.01 more than a year ago. During the run-up to Labor Day weekend, pump prices will likely continue to fluctuate due to high crude prices. However, gas demand typically drops considerably after the final holiday weekend of summer, bringing much needed relief to American drivers when they fill-up this fall.
Moving from 9.78 million b/d to 9.43 million b/d last week, the latest demand measurement is 500,000 b/d lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts and concerns about transmission of COVID-19 grow as infection rates continue to increase. Additionally, total domestic gas stocks declined by 1.3 million bbl to 227.5 million bbl.
Crude prices have declined last week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe. Price decreases occurred despite EIA’s latest report showing that total domestic crude stocks decreased nominally to 438.8 million bbl. For this week, crude prices could decline further if market concerns persist over increasing COVID-19 infection rates.
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.