CHARLESTON, S.C. (WCBD)- After weeks of increases, the price of gas in South Carolina has taken a slight dip, falling 3.2 cents since last week.
South Carolinians can expect to pay $4.22 per gallon at the pump on average, based on a survey from GasBuddy of 3,028 gas stations across the state.
Gas prices in South Carolina are 40.5 cents per gallon higher than a month ago and stand $1.42 cents per gallon higher than a year ago.
“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there,” Patrick De Haan, head of petroleum analysis at GasBuddy said. “While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has lead inventories to struggle to see any gains, boosting concern that they won’t be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order.”
The national average price of gasoline has risen 6.0 cents, averaging $4.63 per gallon today. The national average is up 50.0 cents per gallon from a month ago and stands $1.60 cents per gallon higher than a year ago.