Gas prices reach new record high
CHARLESTON, S.C. (WCSC) - The price for a gallon of regular gas rose to a new record high Tuesday, according to GasBuddy.
The national average for a gallon of gas is $4.36 per gallon, one cent above the previous record of $4.35, which was set on March 10. Prices could continue to climb through Memorial Day as summer road trip season begins and oil prices remain volatile.
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“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day,” GasBuddy Petroleum Analysis Head Patrick De Haan said. “Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season.”
Across the Lowcountry, GasBuddy said the latest prices it tracked ranged from $3.79 up to $3.99 per gallon as of 9 a.m.
Statewide, the cheapest price, recorded at a Camden gas station, was $3.65 per gallon.
Fuel prices in the U.S. decreased slightly after spiking in March, as the situation between Russia and Ukraine continued, but simmered.
Prices began to rise again over the last few weeks as the odds of the European Union sanctioning Russian oil increased. Just in the last seven days, the national average rose over 15 cents per gallon, bringing it to Tuesday’s record price, GasBuddy said in a statement.
“There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above-average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet,” De Haan said.
The price of diesel fuel also set a new all-time record at $5.53 on Tuesday, GasBuddy said.
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