Gas prices in NC had risen even before Russia’s invasion of Ukraine. What now?
Uncertainty over Russia’s intentions in Ukraine have helped drive up gas prices in North Carolina over the past month.
Now, Russia’s invasion of Ukraine is expected to drive them even higher.
The price of crude oil spiked Thursday, topping $100 a barrel on news that Russian forces had begun to attack. The cost of crude oil accounts for about 56% of a gallon of gas, according to the U.S. Energy Information Administration.
The average price for a gallon of regular in North Carolina was about $3.47 on Thursday, according to AAA. That’s up 6 cents from a week ago and nearly 36 cents more than a month ago.
It’s not clear yet what the invasion will mean for world oil supplies. Fears that Russia might curb oil production in retaliation for economic sanctions had already pushed prices higher before Thursday’s full-on invasion.
“Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia,” Andrew Gross, a spokesman for AAA, said Tuesday. “And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers.”
Gas prices have climbed significantly but unevenly over the past year, in part because oil producers and refiners struggled to keep up with rising demand after COVID-19 caused prices to collapse in 2020. Drivers are paying nearly $1 a gallon more now for gas in North Carolina than they did a year ago, according to AAA.
Prices vary across the state and are generally highest in rural northeastern counties, where the average approached $3.60 a gallon on Thursday. The average in Wake and Mecklenburg counties hovered around $3.50.
North Carolina drivers are paying less than the national average of $3.54 a gallon, though more than some of their neighbors. Prices per gallon are about a dime cheaper on average in South Carolina and 6 cents cheaper in Virginia.
Despite recent increases, gas prices are far from record highs. According to AAA, the most motorists ever paid in North Carolina, not adjusted for inflation, was an average $4.085 per gallon of regular on Sept. 15, 2008.
This story was originally published February 24, 2022 at 12:15 PM.
