Gas prices in the Carolinas are still trending more expensive on the week as strong upward pressure remains on prices at the pump.
The main culprit behind the most recent climb in pump prices continues to be the high cost of crude oil, which is stubbornly bobbing around $90 per barrel and has caused the average price for gasoline in the Carolinas to set a new 2022 high of $3.33 per gallon in North Carolina and $3.26 per gallon in South Carolina.
“Between the tight supply of oil worldwide and an increase in demand, that’s a recipe for higher prices at the pump,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Unfortunately for motorists it doesn’t appear that this trend will change anytime soon.”
Fuel Price OverviewMonday’s Gas Price Average: $3.33 (North Carolina); $3.26 (South Carolina)2022 High: $3.33 (North Carolina); $3.26 (North Carolina)2021 High: $3.25 (North Carolina); $3.18 (South Carolina)Today’s national average for a gallon of gas is $3.48, rising sharply by 4 cents on the week. This average is 18 cents more than a month ago and 98 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks dropped by 1.6 million bbl last week. On the other hand, gasoline demand rose from 8.23 million b/d to 9.13 million b/d. A decrease in total stocks and increased demand have contributed to upward pressure on pump prices, but rising crude prices continue to play the dominant role in pushing pump prices higher. Gas prices will likely increase as demand grows and crude oil prices remain above $90 per barrel.
Additionally, the tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices. If tension between Russia and Ukraine continues this week or EIA’s next report shows another inventory decline, crude prices could 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.
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