Gas pump price drop.
As Labor Day weekend looms, residents of Myrtle Beach, South Carolina, are in for some respite at the gas pumps. The prices are expected to drop to their lowest since 2021, reassuring motorists across the Grand Strand.
The announcement comes after the summer has seen a significant drop in gasoline prices nationwide. GasBuddy Petroleum Analyst, Patrick De Haan, states that the average national gas price hovers around $3.33. He anticipates that the price would further drop to $3.27 over the Labor Day weekend. Myrtle Beach, however, would possibly witness lower prices, projected to be around $2.99 – a considerable 40-cent drop from last year and the lowest since March.
This favorable trend in the gas prices can be attributed to South Carolina’s lower gas taxes compared to other states. The state’s strategic position, connected to the Colonial Pipeline, essentially creates a direct line for gasoline from Gulf Coast refineries extending up the East Coast. Hurricane season, though, can disrupt this flow if the conditions become extremely severe in the gulf.
“This summer has been relatively quieter when it comes to gasoline demands. That’s part of why gas prices are lower than the previous year,” De Haan explained.
As prices continue to plunge, motorists can start being optimistic about this declining trend. De Haan reassured that minor fluctuations might occur daily, yet the overall trend points towards saving your wallet at the pump, reminiscent of the condition during Labor Day 2021.
“We’ve kind of weathered the storm from COVID and political tensions. So, we’re starting to get back into familiar territory,” De Haan said. “In fact, spending on gasoline is significantly lower this year. Americans are going to be spending about three-quarters of $1 billion less on gasoline than just last year during the four-day Labor Day weekend.”
De Haan also projected that Myrtle Beach citizens could possibly see prices drop another 25 cents by Thanksgiving, assuaging the financial burden on many amidst the holiday season. The lowering of gas prices is a welcoming aspect for locals and tourists alike, potentially stimulating more road trips and local explorations during the holidays.
Source: ©HERE News Network 2024
Author: HERE News
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