Gas prices in Charlotte see slight increase this past week

CHARLOTTE, N.C. (WBTV) - In the last week, the average price for a gallon of gas in the Queen City went up 1.4 cents to $3.34 a gallon, according to GasBuddy’s daily survey of over 660 stations in the area.

In comparison to a month ago, gas prices in Charlotte have also gone up by 5.6 cents per gallon. However, this current mark is 116.5 cents per gallon lower than a year ago, analysts said.

As per GasBuddy, Charlotte’s cheapest station was priced at $3.05 a gallon while the most expensive was $3.49 a gallon – a difference of 44 cents per gallon.

Charlotte’s cheapest gas stations can be found here.

Gas prices in Charlotte stand at $3.34 a gallon, up 6.1 cents from last week’s $3.28, according to GasBuddy.

On a national scale, the average price of gas has decreased by 3.9 cents a gallon in the last week and now is $3.51. From a month ago, the U.S. has seen 1.7 cents less per gallon and 134.5 cents less than this week in 2022.

“While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Last time OPEC+ agreed to cut production, it led to a temporary rally in the price of oil, but as global oil demand hasn’t been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel. It’s likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week. How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we’re still extremely unlikely to make a run at record prices anytime soon.”