CHARLOTTE, N.C. (August 3, 2020) – Gas price averages are trending cheaper throughout North Carolina and despite a one-cent increase in South Carolina’s average, major pump price increases are continuing to stall across the Carolinas.
“Although there’s been an increase in demand we’re still seeing pump prices trend cheaper,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “This summer is by far the cheapest at the pump for motorists in more than a decade.”
Both North and South Carolina fall under the nation’s top 10 least expensive markets with North Carolina’s average sitting at $1.96 – a one-cent decrease on the week. This is nine cents cheaper than a month ago and 55 cents cheaper than a year ago. South Carolina’s average increased one-cent on the week, sitting at $1.90 – this is two cents cheaper than a month ago and 48 cents cheaper than a year ago.
The national average, which is one cent more than last month and 53 cents cheaper than last year, held steady on the week at $2.18 and remains largely unaffected by Tropical Storm Isaias. According to the National Hurricane Center, the storm is likely to regain hurricane strength before reaching the coast between northeastern South Carolina and southern North Carolina later today. Given lower than normal U.S. gasoline demand and healthy stock levels, gas prices nationally are unlikely to be impacted by Isaias.
Domestic crude prices increased after total domestic crude inventories decreased by 10.6 million bbl, bringing the current total to 526 million bbl. The price increase, amid increasing gasoline demand, could mean that the domestic crude market is meeting demand and production is stabilizing as COVID-19 cases continue to increase worldwide. If crude supplies continue to decline alongside rising demand, domestic crude prices could continue to increase this week.
For updated state and metro prices log on to https://gasprices.aaa.com/
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 60 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.