Analysts: Post-surge SC gas prices will decrease with Colonial Pipeline open

Updated: May. 17, 2021 at 3:15 PM EDT
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CHARLESTON, S.C. (WCSC) - Analysts say that although South Carolina gas prices will decrease with the reopening of the Colonial Pipeline, prices will likely increase again closer to Memorial Day.

According to GasBuddy’s daily survey of 3,028 stations in South Carolina, the state’s gas prices have risen 14.1 cents per gallon in the past week and average at $2.85 per gallon Monday.

Gas prices in South Carolina are 26.4 cents per gallon higher than a month ago and stand $1.24 per gallon higher than a year ago.

GasBuddy’s price reports say the cheapest station in South Carolina is priced at $2.51 per gallon Monday while the most expensive is $3.41 per gallon. This is a difference of nearly a dollar per gallon.

Analysts say the national average price of gasoline has only risen 6.4 cents per gallon in the last week and averages at $3.03 per gallon Monday. The national average is up 16.8 cents per gallon from a month ago and stands $1.17 per gallon higher than a year ago, price reports say.

“The national average gas price surged last week thanks to big price jumps in Southeastern states due to the previously shut down Colonial Pipeline, but most areas outside that region saw smaller fluctuations,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “With the pipeline now back in service, I expect prices to come down in the hardest hit states, specifically the Carolinas, Georgia, Tennessee, Florida and Virginia. The drops should lead the national average to soon fall back under the $3 per gallon mark, but motorists shouldn’t get too excited- prices may start to head higher in a few weeks should Memorial Day gasoline demand be red hot. In addition, motorists in the affected areas should see outage numbers continue to decline this week, especially early in the week when gasoline demand tends to be lowest. I’m optimistic that there will be enough recovery by Memorial Day for motorists in these states to fill up without having to search for gasoline.”

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