CHARLOTTE – Gas price averages in the Carolinas are still stable, seeing minimal-to-no changes on the week, as U.S. gasoline demand recorded its second highest measurement since March 2020, according to AAA – The Auto Club Group in the Carolinas.
This latest demand reading is the highest spring number released by the Energy Information Administration in two years.
“Even though there’s been a jump in demand and a small increase in supply, pump prices are still stable in the Carolinas,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “We can attribute this to contributing factors such as the cheaper crude oil prices.”
North Carolina’s current gas price average is $2.62, not seeing any changes on the week. This is 3 cents cheaper than a month ago but 97 cents more expensive than last year.
South Carolina’s current gas price average is $2.59, seeing a 1-cent increase on the week. This is 3 cents cheaper than a month ago but $1.02 more expensive than last year. Both states are still a part of the nation’s top 10 least expensive markets.
Both demand and supply have steadily increased in the past five weeks, but weekly gasoline supply builds are trending less substantial. On the week, supply only saw a 100,000 bbl build to 234.9 million bbl, most likely due to high consumer demand. Also, cheaper crude oil prices – which are mostly pricing at less than $63/bbl – and stable and strong refinery utilization (85%) are contributing factors keeping pump price jumps incremental.
Although prices ended the day with an increase, supported by a weak dollar, the price of crude took a step back by approximately a dollar on the week. Growing market concern that surging coronavirus infection rates in Asia may derail expectations for crude demand recovery helped to reduce prices.
Additionally, EIA’s latest weekly report revealed that total domestic crude inventory increased by 600,000 bbl to 493 million bbl, contributing to downward pressure on crude prices. If market concerns persist this week, crude prices could end the week lower again.
For updated state and metro prices, go to https://gasprices.aaa.com.