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SC gas prices fall 2.8 cents as oil production ramps up

While February is typically a cheaper month for gas prices because fewer people travel, prices...
While February is typically a cheaper month for gas prices because fewer people travel, prices at the pump are on the rise.(Live 5/File)
Updated: Jun. 1, 2021 at 7:35 AM EDT
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CHARLESTON, S.C. (WCSC) - GasBuddy’s survey of 3,028 stations in South Carolina says gas prices are averaging at $2.80 per gallon across the state.

South Carolina gas prices have fallen 2.8 cents per gallon in the past week, but stand 20.1 cents per gallon higher than a month ago.

“With the summer driving season now officially begun, gas prices have clung to a $3 per gallon average on continued strong demand as Americans take to the roads amidst a continued economic recovery,” GasBuddy Head of Petroleum Analysis Patrick De Haan said.

GasBuddy price reports show the cheapest station in South Carolina is priced at $2.44 per gallon Tuesday while the most expensive is $3.29 per gallon, a difference of 85.0 cents per gallon.

The national average price of gasoline has risen 0.6 cents per gallon in the last week, and GasBuddy says they are averaging $3.04 per gallon Tuesday. The national average is up 14.3 cents per gallon from a month ago and stands $1.06 per gallon higher than a year ago.

GasBuddy says South Carolina gas prices do stand $1.12 per gallon higher than a year ago, but that was in the midst of the COVID pandemic shutdowns.

“Through Sunday, U.S. gasoline demand was very strong over the weekend, with Friday and Sunday both setting new Covid records for gasoline consumption for their respective day of week, according to GasBuddy data. While gasoline demand continues to recover, oil production has only slowly started gaining momentum after a very challenging 2020 forced oil companies to take several steps backward as prices and demand plummeted last year,” De Haan said. “While oil production is now moving in the right direction, we’re in catch up mode to searing hot gasoline demand, and the imbalance has pushed prices up notably. For now, there’s little chance of a backslide in gas prices, but a larger chance that this summer could boast near-record gasoline demand as Americans hit the road, but remain mostly stuck to the U.S. due to overseas travel challenges that persist.”

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