AAA: Gas prices in the Carolinas dip on lower oil costs

CHARLOTTE, NC (WWAY)– According to AAA, prices at the pump are continuing to trend cheaper throughout North and South Carolina. The main reason being the price of oil.

The price of oil fell into the mid $70’s per barrel. That’s about $5 cheaper than last week.

“The price of crude oil accounts for over half of what we pay at the pump,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “What that means is higher or lower oil costs will play a huge role in the price that motorists pay when fueling up.”

AAA says that North Carolina’s current gas price average is now $3.14, having a 6-cent decline on the week.

This is 22 cents less than a month ago, and 40 cents less than a year ago.

Today’s national average of $3.39 is 3 cents less than last month, and 14 cents less than last year.

According to new data from the Energy Information Administration (EIA), gas demand has increased slightly last week, while overall domestic gasoline stocks saw a decrease in demand.

However, fluctuating oil prices have contributed to pushing pump prices lower, but if gas demand keeps rising with tightening domestic stocks, there could be an end to future pump price drops.

AAA says crude oil prices have declined due to the strengthening of the dollar and market concerns about increasing domestic oil inventories.

An increase in supply could mean that demand may not move as high as anticipated.

For updated state and metro prices, click here.