AAA: Gas prices continue to fall

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Gas prices in the Carolinas have dropped nearly 20 cents in the past two weeks, as the global price of oil recently fell due to fears of gas demand weakness.
“Prices at the pump are continuing to trend cheaper and we’re seeing some very sharp drops,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Gas prices are now lower than what they were a year ago, but OPEC’s decision could slow the decline down.”
North Carolina’s current gas price average now sits at $3.14, having a 10-cent decline on the week. This is 22 cents less than a month ago and 2 cents less than a year ago. South Carolina’s current gas price average now sits at $3.03, also having a 10-cent decline on the week. This is 23 cents less than a month ago and 1 cent less than a year ago.
Today’s national average of $3.40 is 39 cents less than a month ago and 5 cents more than a year ago.
According to data from the Energy Information Administration (EIA), gas demand held stead, while total domestic gasoline stocks rose. Increasing supply and steady gasoline demand are two factors that have contributed to pushing pump prices lower.
For this week, crude prices could rise in response to the European Union, Australia, Japan, United States, Canada, and the U.K. beginning to implement a $60 per barrel price cap on Russian seaborne crude oil, which is meant to limit the country’s revenues in response to the Ukrainian invasion. This effort follows Sunday’s virtual meeting for the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, where the cartel agreed to keep its production reduction agreement of 2 million b/d unchanged through 2023.
For updated state and metro prices log on to https://gasprices.aaa.com/
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