Oil prices reach highest in 7 years, jump nearly 10 cents in one week

CHARLESTON, S.C. (WCSC) - At a time in the year that usually sees gas prices decline, analysts say drivers are feeling a pinch in their wallets they haven’t felt for years.

GasBuddy price analysts say gas prices in South Carolina are $1.09 per gallon higher than this time a year ago.

GasBuddy’s daily survey of 3,028 stations in South Carolina shows gas prices have risen 9.1 cents per gallon in the past week and prices are averaging at $3.00 per gallon across the state.

These prices are 11.0 cents per gallon higher than they were a month ago, even though it is well into October and away from Summer seasonal gas price hikes.

According to GasBuddy price reports, the cheapest station in South Carolina is priced at $2.74 per gallon, while the most expensive station was cited at $3.63 per gallon Monday.

The national average price of gasoline has risen 5.2 cents per gallon in the last week and was averaging $3.25 per gallon Monday. GasBuddy says the national average is up 7.5 cents per gallon from a month ago and stands $1.08 per gallon higher than a year ago.

“Last week saw oil prices advance to their highest in seven years, with a barrel of West Texas Intermediate crude oil surpassing the critical $80 per barrel level. The nation’s gas prices were also pushed to their highest since 2014, all on OPEC’s decision not to raise production more than it already agreed to in July,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “The OPEC decision caused an immediate reaction in oil prices, and amidst what is turning into a global energy crunch, motorists are now spending over $400 million more on gasoline every single day than they were just a year ago. The problems continue to relate to a surge in demand as the global economy recovers, combined with deep cuts to production from early in the pandemic. If Americans can’t slow their appetite for fuels, we’ve got no place for prices to go but up.”