Gas prices drop nearly 2.5 cents in past week
CHARLESTON, S.C. (WCSC) - The average price of gasoline in South Carolina fell slightly for the third consecutive week, according to a statewide check of gas stations.
GasBuddy reported the average price of a gallon of gas in the state as of Monday morning was $3.11, a drop of 2.4 cents over last week’s average.
GasBuddy analyst Patrick De Haan said the drop results from oil prices dropping nearly $10 from a recent peak of $85 per barrel. The decline, he said, could stretch for several weeks and comes just in time for Thanksgiving.
““It’s not impossible, so long as oil prices hold near these levels or continue falling, that the national average could shed 15 to 30 cents per gallon over the coming weeks, while some areas like California could see declines of as much as 25 to 40 cents,” De Haan said.
While gas prices statewide are 2.4 cents lower than one month ago, they are $1.25-per-gallon higher than a year ago.
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The survey found gas prices statewide ranged from a low of $2.77 per gallon to a high of $3.69, a range of 92 cents.
As of Monday morning, the cheapest gas in the Lowcountry was $2.97 at a Walterboro gas station. The cheapest gas in Columbia was $3.02, while Spartanburg reported a low of $3.06. In Augusta, the lowest price for a gallon of gas was $3.13.
“While there’s reason to be optimistic that the peak of gas prices will soon be behind us, the decline in the price of oil is likely reflecting the possibility of a coordinated global release of oil from strategic reserves,” De Haan said. “If that doesn’t happen, oil could again rally. However, with COVID cases on the rise again reducing global demand, it does seem the most likely outcome will be a drop in gas prices that could last several weeks.”
Last week, GasBuddy reported results of its annual Thanksgiving Travel Survey, which found that only 32% of Americans plan to travel for Thanksgiving this year, a drop of three percentage points from 2020′s 35% figure.
By comparison, in 2019, the survey found 65% planned to hit the road for the holiday.
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