Impacts from hurricane season prevent autumn gas price decline

Published: Sep. 20, 2021 at 6:49 AM EDT
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CHARLESTON, S.C. (WCSC) - While the end of summer typically signals the decline in seasonal gas prices, South Carolina gas prices have risen 2.4 cents per gallon this past week.

GasBuddy’s daily survey of 3,028 stations in South Carolina shows that South Carolina prices are averaging at $2.91 per gallon Monday.

Analysts say gas prices in South Carolina are 4.9 cents per gallon higher than a month ago and stand $1.00 per gallon higher than this time a year ago.

According to GasBuddy price reports, the cheapest station in South Carolina is priced at $2.65 per gallon Monday while the most expensive is $3.45 per gallon, a difference of 80.0 cents per gallon.

Across the country, GasBuddy says the average price of gasoline has risen 1.3 cents per gallon in the last week and is averaging $3.18 per gallon Monday.

Analysts say the national average is up 1.8 cents per gallon from a month ago and stands $1.01 per gallon higher than a year ago.

“Gas prices have been stuck in somewhat of a limbo and remain near 2021 highs long after Hurricane Ida has dissipated. The damage done to oil production has been left behind and so far has prevented prices from resuming their seasonal decline,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “Ida caused the loss of over 30 million barrels of oil production in the Gulf of Mexico, and with gasoline demand remaining relatively high for the season, oil inventories remain relatively tight, preventing any organized decline in gas prices for the time being. As a result, we may have to wait a couple more weeks until hurricane season slows for oil inventories to start to rise and gas prices to fall.”

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