Gas Prices Trend Cheaper, but Increases are Likely Looming

Staff Report From South Carolina CEO

Tuesday, June 19th, 2018

On the week, the national gas price average is two cents cheaper at $2.90. Today’s national average is only one cent more expensive than a month ago, but 60 cents more expensive than a year ago.

Nationwide, 44 states have less expensive or steady gas price averages compared to last Monday. However, the cheaper trend may be reversing. Gasoline demand spiked in the latest Energy Information Administration’s report, in fact setting a new all-time record at 9.88 million b/d for the week ending June 8. As demand skyrockets, U.S. gasoline inventories plummeted 2.27 million bbl, to land total inventories at 237 million bbl, which is 5.7 million below stocks last year at this time.

“If demand continues to strengthen and inventories decrease in the weeks ahead, motorists can expect gas prices do a reversal and start to increase again,” said Tiffany Wright, AAA Carolinas Spokesperson. “AAA expects the national gas price average to range between $2.85 and $3.05 through Labor Day, likely seeing the summer’s highest prices in June.”

Prices across the Carolinas have remained steady on the week. North Carolina’s $2.71 average is 3 cents less than it was a week ago, 4 cents less than it was a month ago, and 56 cents more than this time last year. South Carolina’s $2.54 is 4 cents less on the week, 9 cents less on the month, and 57 cents higher than this time last year.

Below is a breakdown of prices by metro area: