Gas price declines ‘slowly picking up momentum,’ analyst says

Published: Nov. 29, 2021 at 6:32 AM EST|Updated: Nov. 29, 2021 at 12:31 PM EST
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CHARLESTON, S.C. (WCSC) - A statewide survey of gas stations shows a four-cent per-gallon drop in prices at the pump over the last week.

GasBuddy says the state’s average price per gallon is $3.07 on Monday, according to the weekly survey of 3,028 stations.

While that price is 9.9 cents lower than one month ago, it is still $1.21 higher than one year ago, GasBuddy says.

Click here to find the cheapest gasoline prices in your area.

GasBuddy’s head of petroleum analysis, Patrick De Haan, says gas price declines are “slowly picking up momentum.”

“With oil’s recent fall and the jury out on a new COVID variant, Omicron, we could be in store for lower prices based on many countries turning back to travel restrictions, limiting oil demand and potentially accelerating the drop in gas prices,” he said. “There remains a very high level of uncertainty ahead of us as OPEC has also delayed its meetings to await more market movements and information on Omicron. But so far, Americans can expect the new variant to push gas prices even lower. Beyond the next few weeks, it remains nearly impossible to predict where oil and gas prices will head, though turbulence is guaranteed.”

The cheapest station in South Carolina has gas priced at $2.76 per gallon, while the most expensive is $1.03 higher at $3.79.

As of Monday morning, the cheapest gas listed in the Lowcountry was at a Savannah Highway station in West Ashley, where the per-gallon price was $2.92. Elsewhere across the state, the average price per gallon is $2.99 in Columbia, $3.06 in the Spartanburg area, and $3.12 in the Augusta area.

The national average price of gasoline per gallon fell 3.4 cents last week to $3.37. That’s down 1.4 cents from one month ago but $1.26 higher than one year ago.

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