Gas Prices on the Decline Across the Carolinas; Coronavirus Concerns Could Lower Prices Even More

Published Tuesday, February 11, 2020 at 12:03 pm

Gas prices have dropped by double digits throughout the Carolinas over the past month.

North Carolina is down by 22 cents – with the average price for a gallon of regular gas at $2.25 on Monday. The price in South Carolina is $2.11 – 25 cents lower than a month ago.

“Lower crude oil costs, less demand and a high level of gasoline stocks are the main reasons for cheaper pump prices across the Carolinas,” said Tiffany Wright, AAA spokesperson. “We expect prices to decrease again this week especially if concerns about the coronavirus continue to weigh on the crude oil market.”

Oil Market Dynamics/Coronavirus Impact

Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide.

Declining crude prices were contained slightly toward the end of last week after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) is considering deeper production cuts to offset demand concerns due to the coronavirus. OPEC and its partners are scheduled to meet in Vienna, Austria on March 5 and 6 to review their existing 1.7 million b/d production reduction agreement, but the cartel said that it may consider having the meeting sooner as the global public health crisis grows.

Today’s national gas price average is $2.44. That is four cents cheaper than last week and 16 cents cheaper than last month. Motorists across the country can find gas for less than $2.25 at 1 in 3 (38%) of all gas stations.

Gas price averages across the nation can be found at www.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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