AAA – Gas prices increasing


Gas prices in the Carolinas spiked last week, as both states experienced rising averages that topped the previous highs of 2022. Motorists are now paying an average price of $3.15 per gallon in North Carolina and $3.09 per gallon in South Carolina. The previous 2022 high in North Carolina was $3.10 and in South Carolina was $3.03.

“We’re starting to feel the effects that rising crude oil prices have at the pump,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “The price of crude has already surpassed last year’s highs and unfortunately motorists won’t see any significant relief anytime soon. Prices at the pump may only get more expensive as fuel demand increases because of spring break and summer road trips.”

Today’s national average for a gallon of gas has risen to $3.36 – three cents more than a week ago, eight cents more than a month ago and 94 cents more than a year ago.

So far this year, the U.S. price for crude oil surged 15% and Wednesday’s daily settlement of $87.35 per barrel was a new 2022 high, nearly $3 more than the 2021 high. According to new data from the Energy Information Administration (EIA), total domestic crude stocks increased by 2.4 million bbl. The current crude stock level is approximately 13 percent lower than in mid-January 2021, contributing to the pressure on domestic crude prices. Continued growth in crude oil prices has helped maintain elevated pump prices, but if oil prices continue to climb toward $90 a barrel, pump prices will likely continue to follow suit.


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