Gas Prices Rise as Holiday Travel Approaches; Both Carolinas see increases

Gas prices have increased across the Carolinas as the Thanksgiving holiday approaches. Strong demand has continued into November and is chipping away at the national gasoline inventory.

North Carolina’s state-wide average is $2.41, which is 26 cents higher than this time last year ($2.15) and six cents higher than this time last week ($2.34). South Carolina’s average is $2.29, which is 28 cents more than this time last year ($2.01) and six cents more from than a week ago ($2.23). According to the Energy Information Administration (EIA), the latest gasoline demand measurement was the highest for the end of October since 2006.

North and South Carolina both made the list of the top ten states with the largest weekly change in gas prices.

“An unseasonably warm October led to more motorists filling up their tanks for road trips instead of spending time indoors,” said AAA Carolinas spokesperson Tiffany Wright. “We saw an uptick at the pump and our supplies tighten, which has continued into November. This isn’t typically what we see demand-wise during this time of the year, so it’s hard to predict when prices will decline again.”

Though prices have been rising quickly, they typically fall much slower. Consumers could start to feel relief at the pump at the close of the Thanksgiving holiday as the weather turns colder as anticipated and motorists return home from travels. It is too early to predict what prices will look like for December.

At $2.56, the national gas price average has increased nine cents inside of 13 days.

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