South Carolina gas prices fall to $3.85 per gallon, officials warn volatility may return

LOWCOUNTRY, S.C. (WCIV) — The average price of gas in South Carolina has dropped a significant 18.9 cents per gallon in the past week, setting a new average for Monday and following a similarly dropping national trend.

According to GasBuddy the new average cost of a gallon of gas has been recorded at $3.85 per gallon as of Monday. This price point was determined through a survey of 3,028 stations across South Carolina.

“Average gasoline prices declined in all 50 states over the last week, with GasBuddy now tracking 15 states where the average price of gasoline has fallen below $4 per gallon, offering motorists some of the most widespread relief seen in weeks,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Much of the decline was driven by falling oil prices and the unwinding of recent price cycles, as growing optimism surrounding a potential U.S.-Iran agreement helped ease concerns over global oil supplies.”

Though this price is reportedly 11.3 cents per gallon lower than a month ago, it is still a full $1.12 per gallon higher than a year ago.

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The cheapest station in the state was priced at $3.40 per gallon on Sunday, while the most expensive was $4.89 per gallon, a whopping difference of $1.49 per gallon. With a near $2 difference, it may be worthwhile for motorists to do a bit of hunting around for the cheapest gas in the area.

Meanwhile the national average price of gas fell a similar but slightly higher 19.5 cents per gallon in the past week, now averaging $4.26 per gallon as of Monday. This average is down 17.8 cents per gallon from a month ago and stands $1.18/g higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

GasBuddy reports however that the coast is anything but clear, and motorists should not get comfortable just yet with these lower prices.

“Oil prices edged higher Sunday evening as uncertainty surrounding a potential deal persisted and renewed Israeli attacks added another layer of geopolitical risk. While motorists may continue to see some short-term relief, some price-cycling states could soon experience another upward swing as retailers run out of room to lower prices further. Overall, any setback in negotiations could quickly reverse the recent decline in fuel prices,” said De Haan.