Gas prices in the Carolinas are still on a steady decline for the eighth consecutive week now, dropping another 14 cents in both states. North and South Carolina’s averages are now the lowest daily averages since March 3rd.
“The price of oil and gasoline demand have lowered, which has caused prices at the pump to plunge,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “This should continue well into the week after another big loss within the oil market.”
North Carolina’s gas price average now sits at $3.73 – declining by 14 cents on the week. This is 61 cents less than a month ago and 80 cents more than a year ago. South Carolina’s gas price average now sits at $3.57 – also declining by 14 cents on the week. This is 49 cents less than a month ago and 69 cents more than a year ago.
Locally gas can be found as low as $3.31 gal.
The national average of $4.03 is 69 cents less than a month ago and 85 cents more than a year ago.
The U.S. price for crude oil dipped below $90 per barrel last week, dropping to its lowest settlement price in 6-months. Friday’s closing price of $89 per barrel is 10% less than the week before, and 27% less than mid-June, when pump prices reached new record highs.
The downturn in oil prices has largely been driven by market concerns that the global economy is heading for a recession. The price drop accelerated last week after weekly EIA supply and demand numbers showed a large gain in domestic crude oil and gasoline supplies. The same EIA report measured implied gasoline demand at nearly 13% below year ago levels – thus applying further downward pressure to prices at the pump.
For updated state and metro prices log on to https://gasprices.aaa.com/
