Gas prices rise to all-time record levels; averages in the Carolinas climb overnight

CHARLOTTE — Whether you’re commuting to work or using your car to run errands, you’re likely well aware of prices that are once again rising at the pump.

Gas in North Carolina reached a record high in March when prices hit $4.19 per gallon. But by Wednesday, prices hit a new national average -- $4.40 per gallon, the new highest-ever.

In south Charlotte on Wednesday, they held steady at $4.19, but the state average clicked up overnight in the Carolinas.

In North Carolina, gas was up about four cents overnight to $4.19 a gallon. In South Carolina, it was up three cents to $4.11 per gallon.

The Biden Administration blames Russia’s invasion of Ukraine in February for the surging prices, along with the pandemic and supply chain problems. The war and embargoes on Russian energy disrupted the oil supply.

The administration released a record amount of oil from emergency stockpiles, but people filling up at the pump say more needs to be done to ensure regular folks can do everyday things.

“[It is] this expensive to go to work now? I mean you know you’re going to be working for gas, because everything else is really going up,” Barbara Watson told Channel 9 Tuesday morning as she filed up her car. “You go to the grocery store, you have to look at the prices before you can buy anything to make sure it’s ok. It’s really hard out here now, it really is.”

The national average for a gallon of regular gas is now $4.32, according to AAA.

“The high cost of crude oil has prices creeping closer to those record highs we experienced in early March,” said Tiffany Wright, spokesperson for AAA Carolinas. “Since global supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices even higher ahead of what’s expected to be a busy summer travel season,” AAA said.

Experts say prices could ease over the next month, but any relief would likely be temporary -- it would come just before the start of what AAA anticipates to be a huge summer travel season.

The cost of diesel fuel also reached an all-time high over the weekend with average prices at $5.53 a gallon. Experts say that could also be stoking inflation.

“I think July and August is anybody’s guess, and there’s absolutely no relief in the price of diesel -- which is something that infiltrates every nook and cranny of the economy,” said Tom Kloza, the global head of energy analysis at Oil Price Information Service.

Pump prices will likely face upward pressure as oil prices remain above $105 per barrel, according to AAA.

However, there may be a bright spot ahead connected to key inflation reports set to be released Wednesday morning.

A leading research firm said they expect inflation to peak this summer between 6-7%, and to recede to 3-4% in 2023 with no recession.

(WATCH BELOW: Gas prices expected to increase following spike in oil prices)

Gas prices expected to increase following spike in oil prices

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