CHARLOTTE, N.C. (May 23, 2022) – Gas prices in the Carolinas have continued to rise, as both North and South Carolina averages experienced an increase of ten cents or more on the week.
“The invasion of Ukraine subsequently disrupted the oil market and has kept the cost of crude oil elevated,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Meanwhile, domestically, seasonal gasoline demand is rising as motorists prepare for Memorial Day travel – regardless of the high pump prices.”
North Carolina’s gas price average currently sits at $4.37, having a 13-cent increase on the week.
This average is 55 cents more than a month ago and $1.45 more than a year ago. South Carolina’s gas price average currently sits at $4.29, having a 10-cent increase on the week.
This average is 50 cents more than a month ago and $1.43 more than a year ago.
Monday’s national average for a gallon of gas is $4.59, which is 47 cents more than a month ago, and $1.56 more than a year ago.
The national average for a gallon of gas has not fallen for nearly a month. Gasoline has either remained flat or risen every day since April 24 and has set a new record daily since May 10.
Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic and volatile crude prices will keep upward pressure on pump prices.
However, crude prices may decline amid heightened economic uncertainty as the likelihood of a recession increases.
A recession would likely cause crude demand to drop amid decreased economic activity and as a result crude prices would decline.