Like travelers across the country, Charlotte drivers continue to experience significant savings at the gas pump compared with this time last year.
As of early Tuesday, a gallon of unleaded gas in Charlotte costs $2.264 on average, which is down from $2.285 a week ago, according to auto group AAA. Gas in Charlotte is now about 7 cents cheaper than it was a month ago and about $1.25 cheaper than it was a year ago.
Statewide, gas is $2.271 a gallon, down from $2.295 a week ago. North Carolina’s gas is now almost 8 cents cheaper than a month ago and more than $1.25 cheaper than a year ago. Nationwide, gas is $2.382 a gallon, down from $2.414 last week. The national average price per gallon is almost 8 cents cheaper than it was last month and $1.20 cheaper than last year.
South Carolina’s gas is once again the cheapest in the country at $2.088 a gallon, which is lower than last week’s $2.103. South Carolina drivers are now paying about 7 cents less per gallon than a month ago and $1.26 less than a year ago.
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Economists anticipate that cheaper gas across the country should provide a tailwind for consumer spending, which makes up the biggest part of the economy. But that hasn’t really happened yet, as consumers remain fairly conservative with their spending habits.
Fuel prices keep falling amid global oversupply and as domestic refineries complete scheduled maintenance to prepare for the summer driving season, according to a report Monday from AAA. The group says that unless unexpected issues arise at U.S. refineries or global crude oil prices jump much higher, drivers should enjoy falling prices leading into summer.
The framework nuclear deal with Iran could put additional downward pressure on oil prices, AAA said.