SC gas prices fall below $3 per gallon

As of Monday morning, the cheapest gas in the Lowcountry was reported at a BP station in Summerville, GasBuddy said.
Published: Feb. 27, 2023 at 6:00 AM EST|Updated: Feb. 27, 2023 at 8:00 AM EST

CHARLESTON, S.C. (WCSC) - The average price for a gallon of regular gasoline in South Carolina dipped below the $3-mark over the last week, falling 4.5 cents over last week’s average.

GasBuddy, which conducts a weekly survey of some 3,000 gas stations statewide, found the average price per gallon was $2.97, down 27.1 cents from this time last month and down 48.3 cents down from this time last year.

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“Some nine out of 10 states saw declines over the last week, so the drops are showing up for most across the country,” GasBuddy’s Head Petroleum Analyst Patrick De Haan said. “For the weeks ahead, tradition tells us to expect prices to move up eventually, but that could be at least be partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably.”

Prices in South Carolina ranged from $2.65 to $3.59, a spread of 94 cents.

As of Monday morning, a Summerville BP station was selling gas at $2.85, making it the lowest in the Tri-County area.