Charlotte, N.C. (April 6, 2020) – On the week, pump prices continued to push less expensive with gasoline demand registering at its lowest point since 1993, and it is likely to push lower as Americans are urged to stay at home at least until the beginning of May.
“Crude oil prices started to increase at the end of last week,” said Tiffany Wright, AAA spokesperson. “However, given the decrease in demand, increases in crude aren’t likely to have an impact on gas prices in the near-term.”
At $1.76, North Carolina’s average is 8 cents cheaper on the week, 47 cents cheaper on the month and 85 cents cheaper on the year. South Carolina’s $1.69 average is 7 cents cheaper on the week, 44 cents cheaper on the month and 78 cents cheaper on the year.
Nationally, motorists are saving as much as 36 to 65 cents compared to a month ago and 67 cents to more than $1 per gallon compared to a year ago. Given the drop in crude oil and gasoline demand, which is expected to push even lower, refineries are reducing production in hopes this could help to balance the amount of gasoline supply in the country.
Domestic crude prices increased at the end of last week, following news that OPEC and its partners, including Russia, planned to hold an emergency meeting today to discuss potential crude production cuts amid the global oversupply caused by COVID-19. However, OPEC and its partners have moved the meeting to Thursday, April 9. Crude prices are likely to remain volatile this week until the meeting, where the market will be looking to see if production cuts are enacted and if they are drastic enough to curb the growing oversupply of crude in the global 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. 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.