South Carolina – Gas prices are going up. South Carolina residents last week were paying more expensive gas following the national increasing prices trend.
According to the GasBuddy latest report, Palmetto State residents were paying 3.2¢ per gallon more compared to the week before.
The average price for a gallon of gas reached $3.29 per gallon on average in South Carolina.
The national gas price rose up to $3.51 per gallon which is 3¢ compared to the week before.
“With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible outcomes from the situation that could affect global oil production amidst recovering demand,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
“However, with nuclear talks between Iran and global powers ongoing in Vienna, the possibility exists that a new deal could bring Iran’s crude oil supply back to legitimate markets, helping to ease a slight portion of supply concerns. While the proposition remains in the air for the time being, we’re also just a few weeks away from the traditional start of the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries and rising demand. The weeks ahead could be rather ugly with rising prices, especially if Russia pursues a strong-arm invasion of Ukraine.”
Compared to last month, current gas prices are 29.6¢ higher in South Carolina. Compared to last year this period, South Carolina residents are paying 87.7¢ per gallon more.