Gasoline Demand Hits Lowest Point in Nearly Two Years, Pushing Pump Prices Even Cheaper
Wednesday, January 9th, 2019
Gas prices in the Carolinas have steadily dropped for 14 weeks in a row now – leaving motorists with the cheapest prices they’ve seen across both states in 18 months.
North Carolina’s statewide average of $2.11 is four cents less than last week, 20 cents less than a month ago and 26 cents less than this time last year. South Carolina’s average of $1.92 is two cents cheaper than last week, 16 cents cheaper than a month ago and 32 cents less than this time last year.
“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” said Tiffany Wright, AAA Carolinas spokesperson. “This is good news for motorists filling up at the pump.”
The latest Energy Information Administration (EIA) data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 bbl, suggesting that demand this winter could be lower than expected.