Charlotte gas prices up nearly 7 cents as nation continues to see COVID-19 recovery

Published: May. 10, 2021 at 1:59 PM EDT
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CHARLOTTE, N.C. (WBTV) - Charlotte gas prices are up nearly 7 cents per gallon in the past week as the nation continues to see recovery in the COVID-19 pandemic.

All eyes are now on the cyberattack on the Colonial Pipeline and how it could affect gas prices going forward.

Charlotte gas prices have risen 6.5 cents per gallon in the past week, averaging $2.70/g Monday, according to GasBuddy’s daily survey of 665 stations in Charlotte.

Gas prices in Charlotte are 6.9 cents per gallon higher than a month ago and stand 98.7 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Charlotte is priced at $2.42/g Monday while the most expensive is $2.89/g, a difference of 47.0 cents per gallon.

The lowest price in the state Monday is $2.43/g while the highest is $3.18/g, a difference of 75.0 cents per gallon.

The national average price of gasoline has risen 4.5 cents per gallon in the last week, averaging $2.95/g Monday. The national average is up 10.0 cents per gallon from a month ago and stands $1.12/g higher than a year ago.

“While average gas prices jumped last week as the nation continues to see COVID-19 recovery, all eyes are now on the Colonial Pipeline and the fact a cyberattack has completely shut all lines, leading to what could become a major challenge for fuel delivery,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “The situation is growing more intense each day that passes without the pipeline restarting, and motorists are advised to show extreme restraint or exacerbate and prolong the challenges. If the pipeline returns to service in the next day or two, the challenges will be minimal, but if full restart doesn’t happen by then, we’re likely to see a slight rise in gas prices, but more importantly, challenges for motorists needing fuel in Georgia, Tennessee, the Carolinas, Virginia, Northern Florida and surrounding areas. I’m hopeful the situation will quickly improve as multiple levels of government are involved, this may become a nightmare should it continue just ahead of the start of the summer driving season. GasBuddy will continue to watch the situation and update as necessary.”

Colonial Pipeline says it hopes to have service mostly restored by the end of the week after halting operations because of a ransomware attack the FBI has linked to a criminal gang.

The ransomware attack on the pipeline, which the company says delivers roughly 45 percent of fuel consumed on the U.S. East Coast, raised concerns that supplies of gasoline, jet fuel and diesel could be disrupted in parts of the region if the disruption continues.

At the moment, though, officials said there is no fuel shortage.

The Colonial Pipeline transports gasoline and other fuel through 10 states between Texas and New Jersey, according to the company.

Colonial is in the process of restarting portions of its network. It said Sunday that its main pipeline remained offline, but that some smaller lines were operational. The company has not said when it would completely restart the pipeline.

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