Gas Prices on Rise Following White House Announcement to Withdraw from Iranian Nuclear Deal

Staff Report From South Carolina CEO

Tuesday, May 15th, 2018

At $2.87, the national gas price average jumped six cents on the week in part due to the White House’s decision to re-impose sanctions on Iran. Motorists are seeing 19 percent of gas stations selling gas for $3.01 or more. Today’s national average is 16-cents more expensive than one month ago and 53-cents more than one year ago.

Pump prices have jumped across the Carolinas as well. North Carolina’s average ($2.70) is up three cents on the week and South Carolina’s $2.57 is up two cents on the week. Today’s NC average is 50-cents more than a year ago, while SC’s average is 56-cents more than last year.

“The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season,” said Tiffany Wright, AAA Carolinas spokesperson. “If crude oil prices continue to increase, the national average could reach $3 but it’s still too early to tell how high prices will go in the Carolinas.”

Below is a breakdown of prices by region: