Gas Prices in the Carolinas fell this week, as U.S. gasoline demand stayed relatively flat and crude oil prices began to vary, giving motorists some good news at the pump. Last Monday, crude prices fell to a low of $66 per barrel, but by the end of the week, they were back above $70. Following reports that the Organization of Petroleum Exporting Countries (OPEC) had struck an agreement to boost output in August, prices initially fell. Concerns regarding the surge in COVID cases and how this would effect worldwide demand have jeopardised that commitment.
The current average Gas Prices in North Carolina is $2.89, down one cent from the previous week. This is 3 cents less than a month earlier, but 91 cents more than the previous year. The current average Gas Prices in South Carolina is $2.89, down two cents from the previous week. This is 8 cents less than a month before, but 99 cents more than the previous year. Both states are among the least priced in the country.
The national Gas Prices average is $3.15 today, down two cents from last week. Gas Prices have averaged $3.14 since the beginning of July, up 6 cents month over month and 97 cents year over year. For pump prices to fall, OPEC will have to stick to their production increases, oil will have to sell consistently at reduced prices, and the market will have to react to the possibility of COVID instances resurfacing. Pump prices may be less expensive in August if these factors hold true regularly, however the national average may still be at or above $3 per gallon.
Despite the fact that crude prices fell to $66 per barrel last week due to market concerns that the spread of the COVID-19 Delta form would stifle potential economic growth and demand, market concerns about the ongoing pandemic subsided by the end of the week, pushing crude prices higher.