Last Updated on November 8, 2018 4:13 pm
CHARLOTTE, N.C. (November 5, 2018) – Gas prices are falling in the Carolinas. North Carolinians are seeing an average price of $2.62 at the pumps – a five cent decrease on the week and a 12 cent decrease on the month. Similarly, South Carolinians are experiencing prices of $2.45 – which is a 7 cent decrease on the week and a 15 cent decrease on the month.
This price drop is happening at a time that analysts previously thought would likely see pump price increases due to the White House’s re-imposition of sanctions on Iran, some of which will target the country’s energy sector and impede its ability to export oil. However, in May, when the decision was announced (to take effect in November), the market reacted quickly with crude oil prices (WTI) spiking as high as $77/bbl this summer. At the same time, Iran’s exports began to dip. Today, they are reported to be about one million b/d less than in May while crude oil prices have stayed below $70/bbl for two weeks.
“With the market anticipating and thus reacting to the impending Iran sanctions throughout the summer months, motorists likely have seen the worst in terms of retail prices for the year,” said Tiffany Wright, AAA Carolinas spokesperson. “If the crude oil market remains steady, gas prices are likely to continue to fall in the near future.”
At $2.76, the national average is at its cheapest in six months (end of April). On the week, motorists in every state but Hawaii are paying as much as a nickel less to fill-up. Today’s national average is six cents less than a week ago, 15-cents less than a month ago, but still 24-cents more than a year ago. As demand continues to drop, gas prices could get even cheaper.
That being said, should any factors cause an upward shift in crude oil prices, the cheaper gas prices would likely be a temporary trend.
Below is a breakdown of prices by region: