WEST ASHLEY, SC (WCSC) - Gas prices have been soaring for over a month in the Lowcountry and across the region. In the last week, prices have gone up 12 cents a gallon in South Carolina.
Oil prices are at their highest in two years at $90 a barrel. Oil prices had been relatively stable for more than a year, averaging between $70 and $80 a barrel.
Some stations in Mt. Pleasant and downtown Charleston are reporting at $2.85 a gallon. Prices in West Ashley range from $2.75 to $2.83 a gallon. Some of the cheapest gas prices were found in North Charleston and Summerville at $2.73 per gallon.
The reason behind the increase is due to the weak dollar and recent tax cuts.
The $85 billion bailout over the Irish economy crisis has made the Euro stronger, making the U.S dollar weaker.
In the Lowcountry, unleaded gas prices jumped 13 cents from a month ago and experts predict gas prices could reach $3 mark by Christmas.
The National average price of gas is $2.95 a gallon. Gas has never been higher than $3 a gallon at Christmas time.