The recent dip in gas prices has somewhat reversed in the Carolinas, with some averages increasing over the past week. Upward pricing pressure due to concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer – causing the price of oil to linger around $100/barrel.
“If the price of oil stays elevated then prices at the pump will struggle to fall,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Motorists caught a small break from the record-high prices that we experienced in March but they shouldn’t expect any dramatic drops right now.”
North Carolina’s current gas price average sits at $3.82, having no changes on the week. This is 23 cents less than a month ago, and $1.20 more than a year ago. South Carolina’s current gas price average sits at $3.78, having a 4-cent increase on the week. This is 16 cents less than a month ago, and $1.18 more than a year ago.
The national average for a gallon of gas is $4.12, which is 12 cents less than a month ago, and $1.24 more than a year ago.
According to new data from the EIA (Energy Information Administration), total domestic gasoline stocks decreased and gasoline demand slightly increased. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump.
Crude prices weakened due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom. Crude prices also declined despite EIA reporting that total domestic oil inventories decreased to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.
For updated state and metro prices log on to https://gasprices.aaa.com/
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