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Charlotte-area gas prices fall 2 cents over the week

Traffic begins to back up at the intersection of Idlewild Road and Independence Blvd. on Aug. 29, 2014.
Traffic begins to back up at the intersection of Idlewild Road and Independence Blvd. on Aug. 29, 2014. jsiner@charlotteobserver.com

Gas prices in the Charlotte region and the rest of the U.S. declined slightly over the week, a sign that prices are starting to stabilize as oil refineries ramp up production to meet record-high demand.

As of early Wednesday, the average price of a gallon of unleaded gas in the Charlotte area was 2 cents lower than it was a week ago, according to auto group AAA. In North Carolina, prices also fell 2 cents, and in South Carolina, prices were down 3 cents. The national average gas price was down 2 cents over the week, AAA said.

Cheap gas is encouraging people to drive even more than they normally do in the warmer months, AAA said in a report this week, and the 2016 summer driving season is expected to rival 2007, when gas demand hit an all-time high.

According to the U.S. Energy Information Agency, American consumers will pay $900 less for gas than they did in 2014. The EIA also says gas supplies are at their highest levels ever for this time of year, AAA said.

Below are the average gas prices in the Charlotte area, which includes Rock Hill and Gastonia, in the Carolinas and in the rest of the U.S. AAA surveys 120,000 stations nationwide to determine average prices.

Charlotte

North Carolina

South Carolina

U.S.

Current

$2.10

$2.15

$2.00

$2.20

Week ago

$2.12

$2.17

$2.03

$2.22

Year ago

$2.45

$2.50

$2.37

$2.66

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