After months-long increasing gas prices trend, Palmetto State residents are finally seeing slight decrease in prices as school year begins.
Although the prices are just slightly lowered, parents might benefit as they will have to drive their children to school.
According to the latest report by GasBuddy, gas prices in South Carolina are lower for 1.3¢ per gallon over the past week on average, now averaging $2.86 per gallon.
National average gas prices also slightly decreased now selling $3.17 per gallon which is 0.5¢ per gallon less compared to previous week.
“As the number of Covid cases continues to surge globally, oil prices continue to be under pressure due to some countries instituting travel and movement limitations. This limits oil demand, which has led to the increase in gas prices slowing, and many states seeing slight drops compared to prices a week ago,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
“In addition, the tropics are heating up, which could be a source of upward pressure on gas prices should we see a major hurricane target the Gulf Coast. However, without such a storm, gas prices may see some stability over the coming week or two, before slowly decreasing as the summer driving season wraps up.”
The current prices are similar to what they were at this time in July. According to the report, current gas prices are 1.1¢ per gallon lower compared to last month, but still much more expensive compared to August 2020, now selling 96.7¢ per gallon higher.
The latest surge in new Covid-19 cases globally lowered the demand and the expectations for the future which led to drop in prices and even higher drop is expected in the upcoming period.