AAA: Gas prices on the decline across the Carolinas

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FILE – In this Tuesday, June 28, 2016, file photo, a customer puts gas in their vehicle in Miami. Fuel economy standards for new vehicles would rise a little in a new Trump administration proposal made public Thursday, Jan. 23, 2020 but still fall far short of Obama-era standards, bringing howls of protest from environmental groups and a key Democratic senator.(AP Photo/Alan Diaz, File)

CHARLOTTE, N.C. (WNCT) Gas prices have dropped by double digits throughout the Carolinas over the past month, officials said.

North Carolina is down by 22 cents, with the average price for a gallon of regular gas at $2.25 on Monday.

The price in South Carolina is $2.11, 25 cents lower than a month ago.

Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel.

If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide.

Declining crude prices were contained slightly toward the end of last week after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) is considering deeper production cuts to offset demand concerns due to the coronavirus

OPEC and its partners are scheduled to meet in Vienna, Austria on March 5 and 6 to review its existing 1.7 million b/d production reduction agreement, but the cartel said that it may consider having the meeting sooner as the global public health crisis grows.

Today’s national gas price average is $2.44. That is four cents cheaper than last week and 16 cents cheaper than last month.

Motorists across the country can find gas for less than $2.25 at 1 in 3 (38%) of all gas stations.

Gas price averages across the nation can be found at www.gasprices.aaa.com

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