South Carolina Gas Prices Plunge By More Than 10 Cents
Recent reports reveal a significant decrease in gas prices across South Carolina, a trend that mirrors nationwide but far outpaces the average. Tracking shows a decline of 11.4 cents per gallon since last week, stunningly above the national trend of a 1.9 cent drop. The average price per gallon in South Carolina now hovers at $3.13.
Gas Prices Update
According to GasBuddy’s weekly survey of over 3,000 gas stations within the state, prices have noticeably dropped over the past week. Although the current state price represents a 5.1 cent increase from a month ago, the year-on-year figure tells a different story, with prices 15.9 cents lower than the same period last year.
The price range across the state promises relief to motorists with the lowest noted at $2.82 and the highest price found at $3.69 per gallon. The wide 87 cent differential offers consumers different options for gas fill-ups.
National Gas Prices Overview
Nationally, gas prices have seen a slight decrease this past week, with the average price per gallon resting at $3.47. Industry analysts attribute this drop in gas prices to weaker-than-projected demand that led to an overflow of supplies along with a non-active period in the tropics.
However, not all states are enjoying this downward trend. Unpredictable severe weather disruptions have caused power outages at major refineries impacting gas supplies and, consequently, increasing gas prices in Illinois, Wisconsin, Indiana, and Michigan. These events illustrate the critical role that oil refineries play in determining gas prices.
Future Predictions
Looking ahead, as the summer vacation season comes to an end, there is a hopeful prospect that gas prices may continue to decrease slightly. According to Patrick De Haan, the head of petroleum analysis, relief in gas prices is expected within the coming week. This returns prices to levels seen in 2021 – the lowest for the same timeframe when the gas average was $2.82 per gallon.
Impact on South Carolina Residents
The steep decline in gas prices could provide measurable economic relief to residents and visitors in South Carolina. Lower prices at the pump increase disposable income, potentially boosting local economies stimulated by extra spending. Residents can also expect decreased costs associated with commuting and traveling within the state.
This considerable dip in gas prices reflects a welcomed trend for South Carolina motorists. Whether this trend will hold over the next few months remains to be seen and it depends on various factors such as the possibility of severe weather disruptions, shifts in demand, and changes in global oil supplies.
Author: STAFF HERE CHARLESTON
The CHARLESTON STAFF WRITER represents the experienced team at HEREcharleston.com, your go-to source for actionable local news and information in Charleston, Charleston County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Spoleto Festival USA, Charleston Wine + Food Festival, and the MOJA Festival. Our coverage extends to key organizations like the Charleston Metro Chamber of Commerce and the Charleston Museum, plus leading businesses in tourism and maritime industries that power the local economy such as South Carolina Ports Authority and the Charleston Visitor Center. As part of the broader HERE network, including HEREaiken.com, HEREbeaufort.com, HEREchapin.com, HEREcharleston.com, HEREclinton.com, HEREcolumbia.com, HEREgeorgetown.com, HEREgreenwood.com, HEREgreenville.com, HEREhiltonhead.com, HEREirmo.com, HEREmyrtlebeach.com, HEREnewberry.com, HERErockhill.com, HEREspartanburg.com, HEREaustin.com, HEREcollegestation.com, HEREdallas.com, HEREhouston.com, and HEREsanantonio.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
