Charlotte, N.C. (October 5, 2020) – Gas prices in the Carolinas are seeing a cheaper start to the month of October with averages decreasing by one to two cents as gasoline demand continues to remain stable.
“With fewer road trips this season we’ll likely see some declines in gasoline demand during the upcoming weeks,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “This means pump prices are likely to trend cheaper throughout the month.”
North Carolina’s $2.03 average decreased by one cent on the week. This is six cents cheaper than last month and 38 cents cheaper than a year ago. South Carolina’s $1.91 average decreased by two cents. This is seven cents cheaper than a month ago and 38 cents cheaper than a year ago.
At $2.18, the national gas price average is at the cheapest start to the month since 2016. That average is the same as a week ago, four cents cheaper than the start of this past September and nearly 50 cents cheaper than last year. The national average held on the week as demand was most stable despite gasoline stocks increasing.
Crude prices dropped dramatically due to market concern about increasing COVID-19 infections worldwide, which could lower crude demand. The drop in prices occurred despite the Energy Information Administration’s weekly report revealing that total domestic crude inventories decreased by 2 million bbl to 492.4 million bbl. For this week, crude prices could decline further if demand concerns continue to worry the market.
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.