Charlotte, N.C. (January 25, 2021) – Gasoline demand has jumped significantly and although this typically translates to more expensive gas prices, this has had little impact on gasoline supply and minimal impact on pump prices across the Carolinas.
“Usually an increase in demand results in a decrease in supply, as well as an uptick with gas prices,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Most motorists continue to see gas prices increase, but now it’s just at a slower rate than the past few weeks.”
North Carolina was one of five states who saw a gas price decrease, with the current average sitting at $2.21 – seeing a 1 cent decrease on the week. This is 16 cents more expensive than a month ago, but 15 cents cheaper than last year. South Carolina’s current average sits at $2.16 – seeing a 1 cent increase on the week. This is 17 cents more expensive than a month ago, but 9 cents cheaper than last year – with South Carolina still a part of the nation’s top 10 least expensive markets.
The national average increased by 2 cents on the week to $2.40 – 15 cents more expensive than this time last month. Year-over-year, motorists are still saving at the pump, on average about 12 cents.
Crude prices declined last week following market concern that crude demand may suffer as coronavirus infections rise and travel restrictions, which are meant to curb transmission of the virus, reduce crude demand. Additionally, EIA’s latest weekly report revealed that total domestic crude inventories rose by 4.4 million bbl to 486.6 million bbl, which also put downward pressure on crude prices. For this week, crude prices may continue to drop if market concern regarding demand continues to grow.
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.