South Carolina Experiences Drop in Gas Prices over the Last Week

Gas Prices Drop as Drivers Breathe a Sigh of Relief

South Carolina (237ABC) – In a recent development, the average gas prices in the Palmetto State have seen a considerable fall. According to data from the survey conducted by GasBuddy across 3,028 gas stations in the state, average gas prices have declined by 6.8 cents in the last week, stabilizing at $2.92 per gallon.

In comparison to the rates a month ago, current gas prices are 4.4 cents per gallon higher but remain 5.2 cents per gallon lower than the same time in the previous year. As of Sunday, the lowest price observed at a South Carolina gas station was $2.55 per gallon, while the priciest station had gas going at $3.99 per gallon.

Analysts Expect More Fluctuations

Renowned petroleum analyst Patrick De Haan noted, “Motorists have finally seen a bit of a break in the recent rise in the national average, with more states seeing drops than increases in the last week. It’s likely only a matter of time before we see the rise re-engage and prices start to head higher, but we’ll take any break that we can.”

De Haan explained that oil prices displayed signs of struggle the previous week, after barely missing the $80 per barrel mark and falling closer to $76. Industry watchers are closely monitoring refiners, as their utilization remains seasonally weak, around 80% of capacity. This low utilization translates into less gasoline and diesel being produced, setting the stage for prices to possibly surge again amid increasing demand.

National Average Shows Slight Drop

Not just South Carolina, the fall in gas prices over the past week has been noticed nationwide too. De Haan reported a drop of 1.9 cents nationally, bringing the average price down to $3.24 per gallon. This current national average is 13.3 cents per gallon more expensive compared to last month, but 9.2 cents cheaper than last year.

Gas Price Fluctuations Continue to Affect Motorists

While the recent trends offer some temporary respite to the state’s motorists, experts warn that these fluctuations could persist and prices may even rise again soon. Amid this environment, drivers are advised to stay updated with the latest in gasoline price trends and prepare their budgets accordingly.