Gas Prices in the Carolinas facing downward trend
Charlotte, N.C. – Crude oil prices saw a substantial decline of $5/bbl on the week as gas prices in the Carolinas see a downward trend that could spell good news for motorists. “Crude oil prices had a significant drop on the week and right now the price per barrel is the cheapest in three months,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “If this continues and cheaper prices are sustained, motorists can expect to see relief at the pump in the near future.” North Carolina’s current gas price average sits at $2.89, seeing a 3-cent decline on the week. This is the same as a month ago and 86 cents more expensive than last year. South Carolina’s current gas price average sits at $2.86, seeing a 1-cent decline on the week. This is 4 cents cheaper than a month ago and 94 cents more expensive than last year. South Carolina is also a part of the nation’s top 10 least expensive markets. At $3.16, today’s national gas price average is 98 cents more than a year ago and 56 cents more than two years ago. And while today’s national average is just two cents cheaper than last Monday, by the end of the week it could be even less. All eyes are on gasoline demand, which has declined for three weeks straight. The Energy Information Administration’s (EIA) latest reading puts demand at 9.3 million b/d. That’s a healthy pandemic demand reading, but still about 6% below the same week in August 2019. The softer demand readings have pushed back gasoline stock levels over 228 million bbl. Price decreases occurred despite EIA’s latest report showing that total domestic crude stocks decreased by 3.3 million bbl to 435.5 million bbl last week. For this week, crude prices could decrease further if demand concerns persist due to surging coronavirus infection rates across the globe. For updated state and metro prices log on to https://gasprices.aaa.com/
