Supply Continues To Outpace Gasoline Demand And Benefits Carolinas

(October 12, 2020) – Motorists in the Carolinas are continuing to benefit from steady pump prices as Hurricane Delta made landfall along the Gulf Coast refinery region over the weekend, causing some disruptions and the main gas line to be down.

“Typically a hurricane season like we’ve experienced so far would’ve caused gas prices to spike,” said Tiffany Wright, spokesperson, AAA – The Auto Club Group in the Carolinas. “Low demand has helped contain any drastic changes to gas prices locally throughout this hurricane season.”

On the week, North Carolina’s gas price average increased by only one cent, currently sitting at $2.04 – this is one cent less than a month ago and 34 cents cheaper than last year. South Carolina’s gas price average increased by three cents, currently sitting at $1.94 – this is one cent more than a month ago and 31 cents cheaper than last year.

The national gas price average held steady at $2.18 on the week, despite a slight jump in demand. Today, motorists can find gas for $2.25 or cheaper at 72% of gas stations, compared to 12% last October. The national average is a penny less than last month and 45 cents cheaper than last year.

At 8.8 million b/d, gasoline demand is just 6% below levels last year at this time. However, the increase isn’t substantial enough to impact supply levels or pump prices. The Energy Information Administration’s weekly report measures gasoline supply at 226.7 million bbl. That is a decrease of 1.7 million bbl from the week prior, though the drop is likely attributed to high export numbers.

For updated state and metro prices log on to https://gasprices.aaa.com/