SC gas prices drop nearly 7 cents over past week

CHARLESTON, S.C. (WCSC) - Average gas prices in South Carolina have fallen nearly seven cents over the past week.

GasBuddy’s survey of more than 3,000 gas stations in the Palmetto State shows the average price per gallon fell 6.6 cents to $3.08 per gallon.

Gas prices in the state sit 6.3 cents higher than a month ago and stand 85.8 cents lower than one year ago.

GasBuddy’s price reports show the cheapest gas in the state was priced at $2.77 per gallon on Sunday while the most expensive was $3.69 per gallon, a difference of 92 cents per gallon.

In the Tri-County, the cheapest gas as of Monday morning was at a station in Charleston selling gas for $2.89 per gallon.

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Nationally, the average price per gallon has dropped 4.2 cents to $3.40. The national average is up 4.3 cents from a month ago and 82.9 cents lower than one year ago, according to GasBuddy data compiled from more than 11 million weekly price reports from over 150,000 gas stations across the country.

Diesel prices also saw a dip in price this week with the national average falling 5.6 cents to $4.25 per gallon.

“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” Patrick De Haan, head of petroleum analysis at GasBuddy, said. “While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”