Charlotte, N.C. (May 4, 2020) – Pump price averages in the Southeast are two to three cents cheaper, but with healthy stock levels and the bulk of states in the region with partial reopening underway, motorists could see gas prices start to increase in the week ahead.
“With stay-at-home orders being lifted in various places, some states are beginning to slowly re-open their businesses,” said Tiffany Wright, AAA spokesperson. “Those states will likely see gasoline demand increase and pump prices will more than likely follow suit.”
On the week, North Carolina’s average decreased by one cent at $1.64 per gallon, 13 cents less than a month ago and $1.07 cheaper than a year ago. South Carolina’s average decreased two cents at $1.55 per gallon, 16 cents less than a month ago and 99 cents cheaper than a year ago.
Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease as the demand for gasoline increases. At the end of Friday’s formal trading session, the price of crude oil was settled at $19.78 per barrel. For this week, crude prices may continue to rise if there is continued growth in gasoline demand and crude production and storage data shows that global rebalancing efforts are helping to stabilize the market, as global crude demand remains low due to the ongoing COVID-19 pandemic.
At $1.78, today’s national average is one cent more than last week, 16 cents less than a month ago and $1.11 cheaper than last year during this time. Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.
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. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.