National average for gas at $4.06 per gallon, local at $3.88

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Gas prices in the Carolinas continued to increase rapidly last week to the highest levels in a decade across both North and South Carolina. Prices at the pump climbed an average of 37 cents on the week in North Carolina and 41 cents on the week in South Carolina.

Gas prices in the Carolinas continued to increase rapidly last week to the highest levels in a decade across both North and South Carolina. Prices at the pump climbed an average of 37 cents on the week in North Carolina and 41 cents on the week in South Carolina.

“Unfortunately this isn’t the end of seeing prices rise at the pump,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Motorists could continue to see record high prices at the pump because of the high oil prices that are surging due to the Russia-Ukraine conflict. Sanctions and regulations against Russia has limited its ability to sell its oil on the global market, which has intensified global supply concerns in what was already a tight market due to the pandemic.”

Currently, the gas price average in North Carolina sits at $3.92, having a 37-cent increase on the week. This average is 71 cents more than a month ago and $1.35 more than a year ago. The gas price average in South Carolina sits at $3.88, having a 41-cent increase on the week. This average is 70 cents more than a month ago and $1.37 more than a year ago. These are the highest prices since April 2012.

The national average for a gallon of gas is $4.06, a staggering 45 cents more than a week ago, 62 cents more than a month ago and $1.30 more than a year ago. The national average has not been this high since July 2008.

The U.S. price of oil surged 26% last week, rising a little more than $24 per barrel. An increase of that magnitude translates to a 60-cent increase at the pump. This could yield another 10-15 cent increase at the pump.

Fuel Saving Tips:⦁ Maintain your vehicle to optimize fuel economy. ⦁ Combine errands to limit driving time. ⦁ Shop around for the best gas prices in your community. ⦁ Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card. ⦁ Remove excess weight in your vehicle. ⦁ Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

Crude prices continue to surge in response to the conflict between Russia and Ukraine. As the conflict continues, the oil markets will likely respond by increasing the price of crude oil to reflect more risk of disruption to tight global oil supplies this week. Additionally, EIA reported that total domestic crude stocks decreased by 2.6 million bbl last week to 413.4 million bbl. The current stock level is approximately 15% lower than at the end of February 2021, contributing to pressure on domestic crude prices.

For updated state and metro prices log on to https://gasprices.aaa.com/
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.