Gas price trend graph
The local gas prices in Myrtle Beach, SC, have been witnessing a constant dip. Over the last week, the average gas prices in the coastal city plummeted by 11.7 cents, settling at a round figure of $3 per gallon, according to the most recent data by the GasBuddy.
This dip signals a 22 cents per gallon retreat from Myrtle Beach’s gas prices just a month ago. As per GasBuddy’s pricing information, the cheapest gas in Myrtle Beach flagged at $2.86 per gallon on Sunday, while the most expensive shot up to $3.39 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, cited, “With the wrap of May, the upsurge in gas prices has also seen a closure. The national average has drastically dropped to its lowest level since March.”
Meanwhile, when compared to other states, the average gas price across the Palmetto State was noted as level pegging at $3.13 per gallon and had no noticeable change from last week. On the other hand, North Carolina’s average gas price decreased by 4.7 cents over the past week, averaging $3.27 a gallon.
De Haan anticipates this trend of falling gas prices to continue into the summer. He referenced GasBuddy’s data showing a plummet in gasoline demand following Memorial Day. He also noted that refiners are currently processing the largest amount of oil in their facilities in years.
“Bearing all of this in mind, it’s highly likely that we’ll continue to witness this decreasing trend in gas prices throughout the onset of July. Diesel prices haven’t been lagging either and continue to mark their lowest point in 11 months. Though the future seems bright for falling fuel prices in general, it’s essential to keep monitoring the trajectory of the hurricane season and its potential impacts,” De Haan further remarked.
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