Florence, South Carolina – In a week that saw a surprise decision to lower interest rates by 0.5% from the U.S. Federal Reserve, gas prices in South Carolina have somewhat increased. In a thorough investigation of more than 3,000 gas stations throughout the state, GasBuddy found that the average cost of gas has increased by 3.5 cents to $2.73 per gallon.
Drivers in South Carolina are still saving money at the pump despite this rise when compared to the same period last year and last month. Prices today are 59 cents cheaper than they were a year ago and are down 21.3 cents from one month ago. This implies that the recent increase is not so much a consistent trend as it is a small fluctuation.
The Federal Reserve’s rate cut, which was more than the markets had predicted, caused oil prices to briefly rise, which in turn had an impact on gas prices across the country.
“With oil prices jumping after the U.S. Federal Reserve cut interest rates by a larger-than-expected half percent, we’ve seen some states where gas prices have inched back up, while others have continued to decline. Most of these increases should be temporary with declines returning in the days and weeks ahead,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.
“While the future looks good for gas prices to continue trending lower for most in the weeks ahead, oil’s jump may mute the downside potential just a bit — for now,” De Haan added in a statement.
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The national average price of gas has seen a smaller increase of 1.2 cents, settling at $3.16 per gallon. In the past month, the national average has dropped by 18.8 cents per gallon, while in the same period last year, it dropped by 64.7 cents.
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Diesel costs, however, are down to levels not seen in two years. Diesel now costs $3.55 per gallon, down 2.1 cents from the previous week’s price.
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In general, the outlook for gas prices is still positive, with short-term price declines anticipated. But the current spike in oil prices serves as a reminder of how unpredictable the world’s oil markets can be and how much it immediately affects fuel prices. For South Carolina motorists looking for the most economical options, local resources continue to track the cheapest gas stations in the area.
