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AAA Reports that Pump Prices Continue to Push Cheaper Across Carolinas

For the second straight week both North and South Carolina are among the nation’s top 10 least expensive markets with pump prices continuing to push cheaper.

“This is usually the time of year when gas prices are on the rise as demand is typically high due to summer travel,”  said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “With demand drastically down this season and many schools planning for virtual learning across the Carolinas, gas prices could decline even more in the weeks ahead.”

On the week, North Carolina’s $1.94 average saw a decrease of two cents – this is 11 cents cheaper than a month ago and 55 cents cheaper than a year ago. South Carolina’s average also decreased by two cents, currently sitting at $1.88 – this is six cents cheaper than a month ago and 44 cents cheaper than a year ago.

Today’s national average is down a penny from last week to $2.17 – two cents less than last month and 49 cents cheaper than a year ago. Additionally, while Hurricane Isaias did not disrupt gas prices, the 2020 hurricane season has not hit its peak yet. Major storms and hurricanes that take crude and gasoline infrastructure and refineries offline have the largest impact on gas prices. Because U.S. gasoline supply is plentiful, if a major storm or hurricane does hit, it will be a matter of short-term shortages and how quickly gasoline stocks can get to areas of need.

Domestic crude prices decreased last week due to a weak U.S. dollar and total domestic inventories decreased by 7.4 million bbl, bringing total domestic stocks to 518.6 million bbl. The decrease in total supply despite low gasoline demand could mean that the domestic crude market is rebalancing. Crude prices have the potential to stabilize this week if there is continued growth in demand alongside a reduction in supply.