Charlotte, N.C. (September 28, 2020) – A slight uptick in gasoline demand has caused pump prices in the Carolinas to see a small increase, causing both North and South Carolina to make the nation’s top 10 largest weekly changes.
“The small uptick in demand is still much lower than last year at this time,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Low demand is likely to continue into the fall as the season sees fewer road trips, especially amid the pandemic.”
North Carolina’s $2.04 average is three cents more expensive than last week, eight cents less than a month ago and 39 cents cheaper than a year ago. South Carolina’s $1.93 average is also three cents more expensive than last week, seven cents less than a month ago and 39 cents cheaper than a year ago.
Today’s national gas price average is $2.18, the same price as last week – five cents less than a month ago, but 47 cents cheaper than a year ago. On the week, most states saw gas prices decrease or moderate fluctuations by a penny or two. A continued drop in demand will likely lead to pump prices continuing to decrease.
Domestic crude prices declined due to increased market fears as COVID-19 infections increase worldwide, which could impact crude demand. Before market fears emerged, there was some market optimism that domestic demand could be starting to stabilize after the Energy Information Administration’s latest report revealed that total domestic crude inventories decreased by 1.6 million bbl to 494.4 million bbl. Decreasing stocks could signal that supply and demand are rebalancing, while crude production decreased by 200,000 b/d to 10.7 million b/d. 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.