South Carolina Gas Prices Plunge By More Than 10 Cents

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.