‘It doesn’t look good’: Average gas prices in SC jump 18 cents in a week

Oil prices pulled gas prices in the Palmetto State and across the nation over the past week to an average price of $3.13, a GasBuddy analysis found.
Published: Jan. 23, 2023 at 7:22 AM EST|Updated: Jan. 23, 2023 at 10:24 PM EST
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CHARLESTON, S.C. (WCSC) - Oil prices pulled gas prices in the Palmetto State and across the nation over the past week to an average price of $3.13, a GasBuddy analysis found.

Patrick De Haan, the head of petroleum analysis at GasBuddy, said in addition to rising oil prices, continued challenges at refineries kept the supply of gasoline from rising and there is increasing concern about additional gasoline price increases.

The average price rose 18.3 cents over last week, now standing 39.8 cents per gallon higher than they were one month ago and 12.7 cents per gallon higher than a year ago.

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“Macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new COVID cases,” he said. “In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up.”

GasBuddy’s weekly survey of more than 3,000 South Carolina gas stations found the lowest price in the state at $2.69 per gallon and the highest at $3.49, a range of 80 cents.

As of Monday morning, the cheapest gas in the Lowcountry was selling for $2.85 per gallon at a BP in Summerville.

De Haan said there is concern that without additional oil, the supply will tighten in the coming weeks, especially as the nation begins moving away from a traditional wintertime drop in demand.

“Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating,” he said.

Nationally, the average price per gallon rose 11.3 cents per gallon to an average of $3.39.

The national average price of diesel, meanwhile, rose 2.6 cents in the last week to $4.60.