Gas prices may increase as some states re-open

Charlotte, NC – Pump price averages in the Southeast are two to three cents cheaper, but with healthy stock levels and the bulk of states in the region with partial reopening underway, motorists could see gas prices start to increase in the week ahead.

(photo by Andrea Piacquadio)

“With stay-at-home orders being lifted in various places, some states are beginning to slowly re-open their businesses,” said Tiffany Wright, AAA spokesperson. “Those states will likely see gasoline demand increase and pump prices will more than likely follow suit.”

On the week, North Carolina’s average decreased by one cent at $1.64 per gallon, 13 cents less than a month ago and $1.07 cheaper than a year ago. South Carolina’s average decreased two cents at $1.55 per gallon, 16 cents less than a month ago and 99 cents cheaper than a year ago.

Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease as the demand for gasoline increases. At the end of Friday’s formal trading session, the price of crude oil was settled at $19.78 per barrel. For this week, crude prices may continue to rise if there is continued growth in gasoline demand and crude production and storage data shows that global rebalancing efforts are helping to stabilize the market, as global crude demand remains low due to the ongoing COVID-19 pandemic.

At $1.78, today’s national average is one cent more than last week, 16 cents less than a month ago and $1.11 cheaper than last year during this time. Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.

Price as of 5/4/20

For updated state and metro prices log on to the AAA website