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CHARLOTTE, N.C. (News Release) — Gas prices in the Carolinas are still reflecting summertime levels when demand was higher, seeing a very small decline on the week. The big culprit being higher oil prices which is keeping the pressure on at the pump.

“Motorists should soon see the usual relief at the pump that comes with the fall season,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “But we should keep in mind that roughly 16% of crude production is still shut down because of recent hurricanes. Also factor in the concerns about what the increase in COVID cases could do to the economy – this uncertainty is helping keep oil prices high.”

North Carolina’s current gas price average is $2.95, seeing a 1-cent decline on the week. This is 7 cents more expensive than a month ago and 90 cents more expensive than last year. South Carolina’s current gas price average is $2.89, seeing a 2-cent decline on the week. This is 5 cents more expensive than a month ago and 96 cents more expensive than last year. South Carolina is also a part of the nation’s top 10 least expensive markets.

Today’s national gas price average of $3.18 dipped by a penny on the week after matching a seven-year high the prior week. This is 4 cents more than a month ago and 99 cents more than a year ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 3.5 million bbl to 221.6 million bbl last week. Gasoline demand is currently low, helping to offset some of the upward pressure caused by higher crude oil prices. With the hurricane recovery and restoration process continuing, pump prices may stabilize as most Louisiana refineries are running again. However, high crude prices (above $72 per barrel) will contribute to gasoline prices likely remaining elevated this fall.

Crude prices increased on the week following the release of EIA’s recent report showing that total domestic crude inventories decreased by 3.4 million bbl to 414 million bbl. Additionally, crude prices rose after the Federal Reserve signaled it could raise interest rates in 2022 and end its bond-purchase program that has supported the economy since the start of the COVID-19 pandemic. For this week, crude prices could continue their ascent if EIA’s next report shows another weekly decline.

For updated state and metro prices log on to https://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

About AAA – The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.



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