AAA: Gasoline Demand Sees Significant One-Week Increase in Carolinas

Last Updated on June 30, 2020 4:19 pm

CHARLOTTE, N.C. (June 29, 2020) – Although much lower than a typical summer before COVID-19, gasoline demand increased 10% in the last week, showing consistent signs that motorists are continuing to fill up more.

“Demand is the highest it’s been since late March,” said Tiffany Wright, AAA spokesperson. “Travelers can still expect to find pump prices are nearly 50 cents cheaper than last year’s July 4th holiday weekend.”

North Carolina’s $2.06 average is 8 cents more expensive on the week, 24 cents more expensive than a month ago, but 48 cents cheaper than a year ago. South Carolina’s $1.93 average is 7 cents more expensive on the week, 26 cents more expensive than a month ago, but 44 cents cheaper than a year ago.

Both North and South Carolina made the nation’s top 10 largest weekly and monthly increases. However, motorists will still find the cheapest gas prices in the South and Southeast region during the holiday weekend.

The increase in gasoline demand also contributed towards the national gas price average’s four cent jump to $2.17 – but demand could decrease in states that see an increase in COVID-19 infections.

Domestic crude prices pushed cheaper last week due to an increase in new COVID-19 cases in multiple states, which could suppress crude demand if stay-at-home orders are re-enforced. For this week, crude prices could continue to decline if the market continues to worry that efforts to stimulate the global economy will falter due to uncontained outbreaks.

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