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Upward Trend in Pump Prices Could Soon See $2/Gallon in Carolinas; Already There in Boone

Gas price sign in Boone on Tuesday

Gas prices in the Carolinas are consistently increasing and despite the small uptick in past weeks, larger increases are possible in the coming days. In the past week, both North and South Carolina averages have inched up three or more cents.

“Although pump prices are still significantly cheaper than the past few years, these averages are the most expensive in 10 weeks,” said Tiffany Wright, AAA spokesperson. “Prices could reach $2 per gallon if crude oil and wholesale gasoline continues to rise.”

On the week, North Carolina’s $1.85 average is three cents more than a week ago, 19 cents more than a month ago and 68 cents less than a year ago. South Carolina’s $1.73 average is six cents more than a week ago, 16 cents more than a month ago and 65 cents less than a year ago.

The national gas price average has inched up to $2.03 per gallon after holding below the $2/gallon mark for 66 days. As crude oil prices trend higher and gasoline demand increases, pump prices will push more expensive, but this summer will still be cheaper than last.

While oil prices rose more than 10 percent last week and the price for a barrel of U.S. crude settled at the highest price since March, the South and Southeast region continues to claim the cheapest prices in the country – all under $1.99.

Saturday OPEC and its allies agreed to extend record oil production cuts of 9.7 million barrels of oil a day through the end of July in order to rebalance supply and demand.

For updated state and metro prices log on to https://gasprices.aaa.com/