Carolinas See Lowest Independence Day Pump Prices in 16 Years; Average at $2.04 per Gallon

Published Tuesday, July 7, 2020 at 9:31 am

Despite both North and South Carolina experiencing a significant increase at the pump last week, motorists still found the lowest holiday gas prices since 2004.

“Although gasoline demand has been high lately, prices at the pump were still 50 cents cheaper than this time last year,” said Tiffany Wright, AAA spokesperson. “Gas prices are still treading low due to the effects of COVID-19 on supply and demand.”

North Carolina’s average sits at $2.04, seeing a two cent decrease on the week. This is 20 cents more than a month ago but 51 cents cheaper than a year ago. South Carolina’s $1.91 average also saw a two cent decrease on the week, 19 cents more than a month ago but 50 cents cheaper than a year ago.

Both North and South Carolina are among five states in the South and Southeast region who saw the largest decrease at two cents and South Carolina is on the nation’s top 10 least expensive market for pump prices.

However, the national gas price average increased by one cent to $2.18 on the week despite a dip in U.S. demand for gasoline and gasoline stocks increasing by 1 million bbl. The slight drop in demand amid the increase in stocks comes as many states report increases in COVID-19 cases, potentially causing Americans to reconsider outings.

Domestic crude prices increased after total domestic crude inventories fell to 533.5 million bbl. Decreasing crude stocks could mean that crude production is meeting demand as it continues to recover amid new COVID-19 outbreaks, which could suppress global crude demand during the second half of 2020.

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

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