S.C. gas prices continue to drop - Live5News.com | Charleston, SC | News, Weather, Sports

S.C. gas prices continue to drop

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Average retail gasoline prices in South Carolina have fallen 4.2 cents per gallon in the past week, according to GasBuddy's annual survey of gas stations statewide.

The organization's daily survey, which samples prices at 3,028 gas outlets in South Carolina, shows the average price per gallon at $1.62.

The national average has fallen 6.5 cents per gallon in the last week to $1.82.

Including the change in gas prices in South Carolina during the past week, prices now are  23.5 cents per gallon lower than one year ago and are 13.3 cents per gallon lower than a month ago, the survey states.

The national average has decreased 17.5 cents per gallon during the last month and stands 20.0 cents per gallon lower than one year ago.

“As the Northeast digs out from the brutal blizzard Jonas, commodities markets are attempting to dig themselves out of their recent hole," said Will Speer, a GasBuddy senior petroleum analyst. "Crude oil futures have lost 18 percent of value since the end of 2015 and have cleared the way for the retail gasoline price decline."

Speer says gasoline inventories are sitting at 245 million barrels, the highest the U.S. has seen since March 1990.

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