CHARLOTTE, N.C. (News Release) — As the price of crude oil tumbled this week and the possibility of a simultaneous release of stockpiled oil by large oil-consuming nations put downward pressure on crude, gas prices in the Carolinas saw a slight decline on the week ahead of the Thanksgiving holiday.
“Crude oil prices make up nearly 50 to 60 percent of what motorists pay at the pump,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “The decline we’re seeing now may only be temporary though until oil production gets back up to pre-pandemic levels.
North Carolina’s current gas price average sits at $3.20, having a 2-cent decline on the week. This is 3 cents less than a month ago but still $1.26 more than last year. South Carolina’s current gas price average sits at $3.11, also having a 2-cent decline on the week. This is 3 cents less than a month ago but still $1.24 more than last year.
Today’s national average of $3.40 is 3 cents more than a month ago and $1.29 more than a year ago, and 81 cents more than in 2019.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased to 212 million bbl last week. Gasoline demand also dropped slightly from 9.26 million b/d to 9.24 million b/d. The decrease in demand, alongside stocks, has helped to steady pump prices. However, gasoline prices will likely remain elevated as long as oil prices are near or above $75 per barrel.
Crude prices declined at the end of last week as the dollar grew in strength and market concerns about crude demand increased over growing COVID infection rates in Europe and the U.S. If social restrictions are re-imposed to curb COVID transmission, crude demand will likely decline and prices will likely follow. Additionally, crude prices decreased last week despite EIA’s weekly report showing that total domestic crude supply decreased by 2.1 million bbl to 433 million bbl. When compared to the end of November 2020, current total domestic crude supply is nearly 12 percent lower than last year.
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.