CHARLOTTE, N.C. – North and South Carolina are among the top ten largest decreases in gas prices over the past week. As prices continue to drop nationally, North Carolina saw an eight cent drop in the last week while South Carolina saw a nine cent drop.
With the latest Energy Information Administration (EIA) reporting gasoline demand down 281,000 b/d from the week prior, retail gas prices are showing steady promise of returning to pre-hurricane rates.
On this day last month, gas prices in North Carolina averaged $2.64 while today they average $2.44 – a 20 cent drop over the month. On this day last month in South Carolina, gas prices averaged $2.56 while today they average $2.33 – a 23 cent decrease.
Prices are starting to plunge as refineries in the South East are beginning to operate at full capacity again. Full production coupled with efforts to deliver supplies at a higher rate have begun to restore gas station supplies to a more comfortable level. In addition, demand has gone down as road travel tends to lessen in the fall/winter season.
Hurricane Nate is not expected to slow oil productions or have an effect on the price of gasoline.
Below is a chart tracking the decline of prices as of October 9, 2017: