Gas prices in the Carolinas are even higher due to the rising cost of crude oil, as the US crude price rose 6% last week as global supply struggled to meet demand . The potential increase in oil demand, coupled with lagging crude production, will only drive up prices.
North Carolina’s average gasoline price rose 5 cents per gallon over the week, bringing the state’s average to $3.10 per gallon, still 15 cents lower than the 2021 high of $3.25 per gallon. South Carolina’s average gasoline price rose 2 cents per gallon over the week, bringing the state’s average to $3.02 per gallon, still 16 cents below their 2021 high of $3.18 per gallon.
“Petroleum is a key factor when it comes to gasoline and accounts for about half of what motorists pay at the pump,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “If crude prices go up, gas prices will probably go up too.”
Year-to-date, the US crude price has risen 10% from $76 a barrel to nearly $84 at Friday’s settlement. The main reason for the rise is the perception that the Omicron variant could ebb, allowing global economic engines to kick into high gear.
Today’s national average gas price rose one cent on the week to $3.31, one cent more than a month ago and 93 cents more than a month ago. year.
According to new data from the Energy Information Administration (EIA), total national gasoline inventories increased by 7.9 million barrels last week. In contrast, gasoline demand fell to 7.91 million b/d. Winter weather conditions and the omicron variant of COVID-19 are likely culprits for this recent drop in demand. Typically, pump prices fall due to a drop in gas demand and an increase in total inventories, but continued growth in the price of crude oil has helped push up pump prices. As oil prices continue to climb above $80 a barrel, prices at the pump will likely follow.
Average state prices
- Average Monday price: $3.10 (North Carolina); $3.01 (South Carolina)
- 2022 High: $3.10 (North Carolina); $3.03 (South Carolina)
- 2022 Low: $3.05 (North Carolina); $3.00 (South Carolina)
- High 2021: $3.25 (North Carolina); $3.18 (South Carolina)
- 2021 Low: $2.10 (North Carolina); $2.01 (South Carolina)
Ways to save on gas
- Combine races to limit driving time.
- Shop around for the best gas prices in your community.
- Remember to pay cash. Some retailers charge extra per gallon for customers paying with a credit card.
- Remove excess weight from your vehicle.
- Drive safely. Aggressive acceleration and speeding reduce fuel economy.
- Make sure your vehicle is well maintained. An engine tune-up, new air filter, and proper tire inflation can all help save fuel.
For updated state and metro prices, log on to https://gasprices.aaa.com.