CHARLOTTE, N.C. (April 4, 2022) — Gas prices in the Carolinas are still on the downward trend as President Biden’s decision to release one million barrels of oil per day for six months (180 million barrels) from the SPR (Strategic Petroleum Reserve) aided in sending the global price of crude falling to near $100 bbl. The release is intended to stem rising energy prices.
“Lower crude prices are reflected in cheaper gas prices for motorists,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “And strong downward pressure from the planned SPR oil release has helped to push this along.”
Currently North Carolina’s gas price average sits at $3.95 per gallon, having an 8-cent decrease on the week. This average is 21 cents more than a month ago and $1.33 more than a year ago. South Carolina’s gas price average sits at $3.85 per gallon, also having an 8-cent decrease on the week. This average is 17 cents more than a month ago and $1.26 more than a year ago. Both states are a part of the nation’s top 10 largest weekly decreases and South Carolina is a part of the nation’s top 10 least expensive markets.
Monday’s national average for a gallon of gas is $4.18, six cents less than a week ago, 35 cents more than a month ago and $1.31 more than a year ago.
President Biden’s announcement came as OPEC and its allies announced they would maintain a plan to gradually ramp up production with 400,000 b/d monthly increases. Domestically, dipping gasoline demand is defying seasonal trends for a third straight week, perhaps due to higher pump prices and consumers altering their driving habits.
The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.