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Analysts: SC gas prices fall even after rising Memorial Day demand

While February is typically a cheaper month for gas prices because fewer people travel, prices...
While February is typically a cheaper month for gas prices because fewer people travel, prices at the pump are on the rise.(Live 5/File)
Updated: Jun. 7, 2021 at 7:21 AM EDT
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CHARLESTON, S.C. (WCSC) - Price reports from across the state show South Carolina gas prices have fallen 1.6 cents per gallon in the past week.

GasBuddy says their daily survey of 3,028 stations in South Carolina shows prices are averaging $2.78 per gallon Monday.

Overall, gas prices in South Carolina are 13.7 cents per gallon higher than a month ago and stand $1.05 per gallon higher than a year ago, GasBuddy analysts said.

According to price reports, GasBuddy says the cheapest station in South Carolina is priced at $2.44 per gallon Monday, while the most expensive is $3.29 per gallon. This is a difference of 85.0 cents per gallon.

The national average price of gasoline has risen 0.6 cents per gallon in the last week, however GasBuddy analysts say national prices are averaging $3.04 per gallon Monday. They say this is up 8.4 cents per gallon from a month ago and stands $1.02 per gallon higher than a year ago.

“We’re entering our fourth straight week with the national average above the key $3 per gallon level, but while gas prices haven’t broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “According to GasBuddy data, gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, not an easy feat, but highlights that economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels. As OPEC has maintained a slow but steady increase in oil production, that additional production is quickly being gobbled up by a global economy that continues to recover. Our current gas prices likely won’t change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand.”

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