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
• Keep your vehicle in tip top shape. Oil changes, air filters and tire inflation all impact fuel economy.
• Use AAA’s Gas Cost Calculator to estimate how much you will spend on gasoline during your next road trip.
• Plan your route in advance to avoid unnecessary detours and turnarounds. Avoid peak traffic times.
• Combine errands. Fuel economy is better when your engine is warmed up.
• Drive sensibly. Aggressive acceleration and braking reduces gas mileage 15-30% at highway speeds and 10-40% in stop-and-go traffic.
• Slow down. Fuel economy peaks at around 50 mph on most cars, then drops off as speeds increase. Reducing highway speeds by 5 to 10 mph can improve fuel economy by as much as 14%.
• Remove excess weight in your vehicle. An extra 100 pounds can reduce MPG by 1%.
• Reduce idling. An idling car engine consumes one quarter to one-half gallon of fuel per hour. A warm engine only takes around 10 seconds worth of fuel to restart. Where safe to do so, shut off your engine if you will be stopped for more than a minute.
• Use cruise control on the highway to maintain a constant speed. Do NOT use cruise control on wet roads.
For updated state and metro prices log on to https://gasprices.aaa.com/
