Charlotte, N.C. (September 14, 2020) – For the second straight week both North and South Carolina are among the nation’s top 10 least expensive markets with gasoline demand plummeting to its lowest level in almost three months.
The latest Energy Information Administration report measured gasoline demand to be at its lowest since mid-June. As demand dropped for a second week, so did gasoline supply levels – which are consistently decreasing week-over-week.
“Traditionally lower supply levels equal higher prices at the pump, but we’re just not seeing that this year,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “We expect prices in the Carolinas to continue to trend cheaper in the coming months, but hurricanes can always alter the forecast for savings at the pump.”
North Carolina’s average saw a five cent decrease on the week, currently sitting at $2.03 – this is seven cents less than a month ago and 32 cents cheaper than a year ago. South Carolina’s average also saw a five cent decrease on the week, currently sitting at $1.92 – this is one cent more than a month ago and 31 cents cheaper than a year ago.
Today’s national gas price average is $2.19, three cents less than last week, two cents more than a month ago, but 37 cents cheaper than mid-September last year. On the week, all states saw gas prices decrease or stabilize at the pump and states with the largest declines are paying a nickel to a dime less. Mid-September is typically a point in the year that ushers in cheaper gas prices due to the switchover at gas stations from summer-blend to winter-blend, which is cheaper to produce.
Although crude prices made a small gain at the end of the week, the price of crude saw a weekly loss of $2.44. Domestic crude prices decreased after EIA’s weekly report revealed that total domestic crude inventories increased by 2 million bbl, increasing total stocks to 500.4 million bbl. Increasing stocks could signal that crude demand is declining, while production increased by 300,000 b/d last week to 10 million b/d. For this week, crude prices could decrease further amid growing demand concerns.
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.