CHARLOTTE, N.C. (News Release) — Gas prices in the Carolinas are continuing their slow seasonal decline despite a slight rebound in oil prices due to fears of a global slowdown caused by the COVID-19 Omicron variant.
“Gas prices typically tend to fall around this time of year due to low demand,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “But this trend has also been assisted by the recent drop in crude prices due to fears over the new variant, so it remains to be seen if oil prices stabilize or increase.”
North Carolina’s current gas price average sits at $3.11, having a 4-cent decline on the week. This is 12 cents cheaper than a month ago and $1.12 more expensive than last year. South Carolina’s current gas price average sits at $3.00 even, also having a 4-cent decline on the week. This is 14 cents cheaper than a month ago and $1.08 more expensive than last year. South Carolina is also a part of the nation’s top 10 largest weekly decreases.
Today’s national average of $3.33, which fell 2 cents on the week, is 8 cents cheaper than a month ago and $1.17 more expensive than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by nearly 4 million bbl last week. Meanwhile, gasoline demand was relatively flat, creeping upwards from 8.8 million b/d to 8.9 million b/d. The slight increase in demand was countered by crude prices in the low $70s bbl.
Crude prices increased slightly after EIA’s weekly report showed that total domestic crude inventories decreased by 200,000 bbl to 432.9 million bbl. The current storage level is approximately 14 percent lower than last year’s storage level at this time, which is helping to keep crude prices elevated. Additionally, prices rebounded last week as optimism increased that the omicron variant of the COVID-19 virus will not have as large an impact on global energy demand as initially feared. For this week, continued optimism could help crude prices continue to rise.
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
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.