AAA Carolinas: Gas Prices on the Decline After Record Highs
Charlotte, N.C. (March 21, 2022) – The price of oil suffered steep losses last week, enabling the price of gasoline to back off from record highs. The lower global price of crude oil is now more than $20 cheaper and hovering near $105/bbl. “Typically around this time of year there’d be an uptick in gasoline demand, but demand has slipped and is defying the seasonal trend right now, likely because of higher gas prices,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “The oil market remains extremely volatile, but fortunately oil prices are well below the high we saw more than a week ago – and this should enable gas prices to slip lower this week, unless oil suddenly spikes again.” North Carolina’s current gas price average is now $4.08, having a 10-cent decline on the week. This is 66 cents more than a month ago and $1.40 more than last year. South Carolina’s current gas price average is now $3.96, also having a 10-cent decline on the week. This is 65 cents more than a month ago and $1.32 more than last year. After hitting a record $4.33 on March 11th, the national average has fallen to $4.25. Two weeks ago, fuel prices surged after Russia invaded Ukraine. The U.S. price of oil reached a 2022 high of $123.70 per barrel. That $32 price increase resulted in a 90 cent jump at the pump. Since then, the price of oil has pinballed lower, hitting a low of $95.04 per barrel on Wednesday before bouncing back up to $104.70 per barrel on Friday. Making Your Gas Go the Extra Mile
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