SC gas prices continue climb while national average falls

South Carolina drivers continued to see increasing gas prices over the past week.
Published: Jun. 5, 2023 at 6:37 AM EDT
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CHARLESTON, S.C. (WCSC) - South Carolina drivers continued to see increasing gas prices over the past week.

A GasBuddy survey shows the average price for a gallon of gas went up 1.1 cents in the Palmetto State and sits at $3.15 putting prices 1.4 cents higher than a month ago and $1.28 lower than one year ago.

The cheapest gas in the state was priced at $2.83 per gallon as of Monday morning while the most expensive was $3.99, a difference of $1.16 per gallon.

In the Tri-County, the cheapest gas as of Monday morning was at a station in Moncks Corner selling gas for $2.98 per gallon.

Click here to find the cheapest gas in your neighborhood.

Nationally, the average price for a gallon of gas fell 3.9 cents to $3.51. The national average is down 1.7 cents from a month ago and stands at $1.34 per gallon lower than one year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

The national price of diesel fell 3.4 cents over the past week and stands at $3.88 per gallon.

“While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “Last time OPEC+ agreed to cut production, it led to a temporary rally in the price of oil, but as global oil demand hasn’t been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel. It’s likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week. How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we’re still extremely unlikely to make a run at record prices anytime soon.”