AAA’s Thanksgiving Holiday Travel Forecast: Distributed to media at 12:01 am, Tuesday, November 15.
Charlotte, N.C. (November 14, 2022) – Gas prices in the Carolinas experienced a small uptick last week, as the global cost for oil (gasoline’s main ingredient) has been stuck between the narrow price point of $85 to $92 per barrel for several weeks.
“We’re starting to see prices at the pump increase just a tad bit,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Luckily it’s not too bad of an increase, which could be a big help for motorists who are budgeting for their Thanksgiving road trips.”
The gas price average in North Carolina is currently $3.39, having a three-cent increase on the week. This is 12 cents less than a month ago and 17 cents more than a year ago. The gas price average in South Carolina is currently $3.29, having a one-cent increase on the week. This is 9 cents less than a month ago and 16 cents more than a year ago.
Today’s national average of $3.77 is 13 cents less than a month ago and 36 cents more than a year ago.
According to data from the Energy Information Administration (EIA), gas demand increased last week, while total domestic gasoline stocks decreased. Tight supply and robust gasoline demand would typically push pump prices higher, but fluctuating oil prices have limited cost increases.
Although crude prices jumped at the end of the week, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower.
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 13 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.