South Carolina – Since gas prices have dropped substantially over the past week, South Carolina drivers are finding some respite at the pump. Analysts caution nevertheless, that given the mix of geopolitical concerns and economic uncertainty hanging over the oil market, this declining trend might not stay for long.
The average price per gallon in South Carolina has dropped by 8.5 cents over the past week, slipping to $2.68 per gallon as of Monday according to GasBuddy’s most recent survey of 3,280 gas stations all over the state. This is a 9.4-cent dip from previous month and a much more notable 33.1-cent decline from the same period last year.
For motorists looking to stretch their dollar, the cheapest gas in the state was reported at $2.35 per gallon on Sunday. On the other side of the spectrum, some stations charged as much as $3.29 a gallon, therefore displaying a considerable range in rates depending on location.
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Uncertainty
Although South Carolina drivers currently pay less, industry analysts warn that this trend could flip in the next weeks. Head of petroleum analysis at GasBuddy Patrick De Haan highlighted many local and worldwide elements that can cause volatility in fuel prices.
“Gasoline prices in the U.S. have edged slightly lower over the past week, even as geopolitical tensions intensify, with the Trump administration promising tariffs that could not only create economic uncertainty but also impact what some motorists pay at the pump in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
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Further complicating the matter are continuous changes in the global energy market, including the Russian invasion of Ukraine and current talks toward a possible resolution to the conflict. Moreover, depending on how supply levels are changed in the next months, OPEC’s latest actions to stabilize the market could also affect fuel prices.
De Haan pointed out that spring usually brings a seasonal boost in gasoline prices since refineries switch to summer fuel blends and demand rises ahead of peak driving season.
Nationwide trends
South Carolina isn’t the only state seeing a dip in gas prices. The national average price of gas dropped 3.8 cents per gallon last week, coming to $3.04 per gallon throughout the nation. From a month ago, this shows a 4.7-cent drop; compared to last year, this is a 29.9-cent drop.
Diesel rates also dropped, by 1.9-cent, bringing the national average to $3.63 a gallon. Although these declines are a welcome sight for consumers, economists note that market volatility is still considerable, thus depending on world events and economic development pricing patterns could change quickly.
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Prices likely to go up
Although South Carolina drivers can currently benefit from the price drop, it is unknown whether this respite is temporary or a long-term trend. Fuel prices can go in either direction in the next months as trade policies, global tensions, and seasonal demand change.
Drivers trying to save at the pump can monitor GasBuddy’s real-time updates to find the least expensive stations nearby. Experts suggest to remain prepared for potential rises down the road and filling up when prices are low since spring and summer travel is just around the corner.
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South Carolina still boasts some of the lowest gas prices in the nation, but prices might take another direction very soon.
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