SC gas prices fall, analysts cite rise in COVID cases
CHARLESTON, S.C. (WCSC) - Lowcountry gas prices have fallen in the past week and look to continue in that direction barring a major hurricane.
GasBuddy’s daily survey of 3,028 stations in South Carolina show that state gas prices have fallen 1.3 cents per gallon in the past week and are averaging $2.86 per gallon Monday. Across the state, gas prices on average are 1.1 cents per gallon lower than a month ago, but 96.7 cents per gallon higher than a year ago.
Price reports show the cheapest station in the state is priced at $2.62 per gallon, while the most expensive is $3.55 per gallon. Monday’s reports show a difference of 93.0 cents per gallon.
The national average price of gasoline has fallen 0.5 cents per gallon in the last week and GasBuddy says it is averaging $3.17 per gallon Monday. Analysts say the national average is unchanged from a month ago and stands $1.01 per gallon higher than a year ago.
“As the number of COVID cases continues to surge globally, oil prices continue to be under pressure due to some countries instituting travel and movement limitations. This limits oil demand, which has led to the increase in gas prices slowing, and many states seeing slight drops compared to prices a week ago,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “In addition, the tropics are heating up, which could be a source of upward pressure on gas prices should we see a major hurricane target the Gulf Coast. However, without such a storm, gas prices may see some stability over the coming week or two, before slowly decreasing as the summer driving season wraps up.”
Copyright 2021 WCSC. All rights reserved.