S.C. summer gas price surge may have hit wall because of COVID-19

S.C. summer gas price surge may have hit wall because of COVID-19
The pace of gas price increases over the past few weeks may have slowed because of the ongoing coronavirus pandemic. (Source: Live 5/File)

CHARLESTON, S.C. (WCSC) - The pace of gas price increases over the past few weeks may have slowed because of the ongoing coronavirus pandemic.

GasBuddy, which surveys gas stations statewide to track prices at the pump, says prices fell 1.1 cents over the past week, now averaging $1.91 per gallon in South Carolina. That price is 19.1 cents higher per gallon than one month ago but 48 cents per gallon lower than a year ago.

“As of Sunday evening, it appears possible that we may break the nine straight weeks of rising prices thanks to a drop in demand fueled by COVID-19 cases surging in some states,” GasBuddy Petroleum Analysis Head Patrick De Haan said. “So far this summer, both holidays have seen the lowest prices since 2004, and its possible that if things don’t improve much by Labor Day we could see the rare trifecta of every summer holiday setting multi-year lows. For now, I believe we may see increases stall and some minor increases or decreases until we see a solid change in the coronavirus situation. For now, some states will see slight increases, some may see slight decreases, but gas prices are essentially stuck in limbo.”

CLICK HERE to find the cheapest gas in your neighborhood. As of Monday morning, the lowest price per gallon in the Tri-County was $1.69 per gallon at a station in Summerville.

GasBuddy surveys 3,028 gas stations statewide as part of its weekly check on prices.

It found the national average price of gasoline has fallen 1.2 cents per gallon in the last week, averaging $2.17 per gallon as of Monday. The national average is up 14.9 cents per gallon from a month ago and stands 58.1 cents per gallon lower than a year ago.

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