Gas prices make small drop after multi-month climb

Gas prices make small drop after multi-month climb
Gas prices in South Carolina are 13.9 cents per gallon higher than a month ago and GasBuddy says they stand 82.3 cents per gallon higher than a year ago. (Source: Live 5/File)

CHARLESTON, S.C. (WCSC) - Gas prices around the state have taken a small dip after climbing for the past few months.

GasBuddy’s daily survey of 3,028 stations in South Carolina says gas prices have fallen 3.1 cents per gallon in the past week, averaging $2.60 per gallon on Monday.

Gas prices in South Carolina are 13.9 cents per gallon higher than a month ago and GasBuddy says they stand 82.3 cents per gallon higher than a year ago.

GasBuddy price reports say the cheapest station in South Carolina on Monday is priced at $2.29 per gallon, while the most expensive is $2.99 per gallon, a difference of 70.0 cents per gallon.

The national average price of gasoline has fallen 2.7 cents per gallon in the last week, averaging $2.84 per gallon. GasBuddy says the national average is up 12.9 cents per gallon from a month ago and stands 87.5 cents per gallon higher than a year ago.

“After the feverish rise in gas prices to start the year, increases have largely tapered off and we’re now seeing decreasing prices in most areas of the country, thanks to oil prices that have moderated for the time being,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “As the Suez Canal has remained block for nearly a week, we could see some volatility in the price of oil this week as the market digests any updates as hundreds of ships remain in limbo. Back stateside, refiners have made the switch to summer gasoline and price impacts have been limited thus far, but demand for gasoline remains strong. Last week saw total gasoline demand at yet another pandemic high according to GasBuddy data. As we approach warmer weather and motorists are increasingly getting outside, it could drive prices higher, so long as COVID-19 cases don’t jump along with it and lead to new travel restrictions.”

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