South Carolina Among Eleven States with Gas Price Average $2/Gallon or Less
Charlotte, N.C. (March 16, 2020) – As concerns about COVID-19 continue to rise, motorists are seeing pump prices plummet across the Carolinas. At $2.07 North Carolina’s average is 13 cents cheaper on the week and 22 cents cheaper on the month. South Carolina’s $1.97 average is 12 cents less on the week and 21 cents cheaper on the month.
“During this uncertain time, gas prices are declining across the Carolinas due to a global oil war and economic concerns regarding the coronavirus,” said Tiffany Wright, AAA spokesperson. “Despite a recent spike in demand, we believe prices will continue to fall in the immediate future, but its too early to speculate how low they’ll go.”
North Carolinians are paying 39 cents less at the pump than they were a year ago, while South Carolinians are paying 33 cents less on the year.
Nationally on the week, gas price averages in 35 states decreased by double-digits, pushing the national average to $2.25, the cheapest price point of the year. There is a high likelihood that the national average could hit $2 per gallon by the end of March.
Gas prices are trending cheaper for two major reasons:
- Concerns about COVID-19 are contributing to cheaper crude oil prices
- The crude price war between Russia and Saudi Arabia
After President Trump announced that the U.S. Department of Energy would purchase oil to top off the Strategic Petroleum Reserve, crude prices rallied briefly. However, the announcement is unlikely to help increase crude prices further since the limited number of barrels the U.S. could purchase is small when compared to the dramatic reduction in global crude demand as a result of reduced economic activity due to COVID-19. Moving into this week, crude prices are likely to continue decreasing as the world grapples with how to contain the ongoing international public health crisis and associated economic challenges that could lead to a global recession. Until the price war ends and fears about COVID-19 subside, domestic crude prices are likely to remain low.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile
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.