South Carolina – As summer transitions into fall, drivers in South Carolina are welcoming a decline in gas prices, providing some financial relief at the pumps. The average Palmetto State gasoline price dropped seven cents over the past week, coming to $3.02 per gallon. This latest drop fits a larger pattern seen over the past month when prices have dropped by more than 25 cents per gallon.
Given current pricing over 44 cents lower per gallon, this downward drop in gas prices is especially noteworthy when compared to the expenses a year ago. While the priciest station had fuel marked up to $3.79 per gallon, the most affordable gas station in South Carolina was reported to offer fuel as low as $2.72 per gallon, therefore emphasizing a notable pricing difference inside the state.
Gas prices have been declining generally, and this is reflected in South Carolina. Data collected by GasBuddy from more than 11 million weekly price reports across the United States indicates that the national average for gas has likewise dropped by 3.2 cents over the past week to average $3.41 per gallon. From previous month, this is an 11.6% decline; from the same period last year, it reflects a 42.5% fall.
Head of petroleum analysis at GasBuddy Patrick De Haan explained that declining demand as the summer driving season ends accounts for the price decline.
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“As summer driving season comes to a gradual close, we continue to see gasoline prices declining in most of the country as demand remains muted. Incredibly, the drop has also caused diesel fuel prices to crumble to their lowest level since before Russia’s invasion of Ukraine,” De Haan said. “As long as we can avoid a major hurricane threatening refineries in the Gulf region, I believe we could see declines continue into this week, with the national average potentially dipping to its lowest level of the summer.
He also pointed out that although in some areas like the Great Lakes and Florida there is possibility for temporary price spikes resulting from economic volatility or regular price cycles, generally the trend throughout the nation is projected to remain low.
Apart from gasoline, diesel costs are also declining somewhat significantly. Declining by 3.4. cents during the past week to $3.72 per gallon, the national average price for a gallon of diesel has lowest level since January 2022.
This drop in gasoline prices provides a pleasant relief for many South Carolinians and many around the country, enabling some more freedom in their budgets as they get ready for the coming fall season.
