Small boost in demand pushing gas prices upward in the Carolinas

Charlotte, NC – Gas prices throughout the Carolinas have risen slightly compared to last week, but continue to remain relatively low despite an increase in demand.

photo by William Navarro

“We’re starting to see pump prices fluctuate across the Carolinas and we have most likely seen prices hit their bottom this year across both states,” said Tiffany Wright, AAA spokesperson. “The boost in demand continues to push prices upward as more states re-open businesses and more motorists hit the road.”

On the week, North Carolina’s average increased by three cents at $1.67, five cents less than a month ago and $1.00 cheaper than a year ago. South Carolina’s average increased by two cents at $1.57, nine cents less than a month ago and 93 cents cheaper than a year ago.

Last week, demand for gasoline increased by 800,000 b/d and gas demand is expected to continue to grow which will lead pump prices to continue their increase. Of note, gasoline stock levels are at an 8.1 million bbl surplus year-over-year, which could help to keep any increases at the pump somewhat minimal in the coming weeks.

Crude prices increased last week amid growing market optimism that crude demand is rebounding as states re-open businesses and gasoline demand has increased in the recent weeks. This week, crude prices may continue to rise if the crude oil inventories begin to rebalance. However, if crude storage levels continue to increase, crude prices could decline if the market continues to worry that the global market is oversupplied.

At $1.84, today’s national average is six cents more expensive on the week, but still three cents less on the month and $1.02 cheaper on the year. Regardless of the national increase, 40 states still have averages of $2.00 or less per gallon.

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