South Carolina – The trend of rising gas prices continues both in South Carolina and nationwide, something that was additionally fueled by the Russia-Ukraine war that started last week. Experts warn that the rising trend is expected to continue in the upcoming period too.
According to the GasBuddy’s weekly report, the average gas price per gallon rose by 16.6 cents in South Carolina after they surveyed more than 3,000 gas stations statewide.
With the latest increase, the average gas price per gallon in South Carolina reached $3.46 last week. Compared to a month ago, the price is 39 cents higher while compared to a year ago, 99.3 cents higher.
“The Russian invasion of Ukraine has sparked high-level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second-largest oil producer, leading to less supply as demand grows,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.
“That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future.”
The difference between the highest and lowest gas price in South Carolina on Monday is 92 cents. GasBuddy said that the lowest selling recorded price was $2.91 per gallon, while the most expensive price was $3.83 per gallon.
The national average gas price is also on the rise. GasBuddy said the national average gas price reached $3.59 per gallon, which is 7.5 cents more compared to the week before. The current national average gas price is 23.2 cents higher than a month ago and 87.6 cents higher than a year ago.
DeHaan said the Russian invasion of Ukraine was only one part of the rising gas price equation.
“In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day,” DeHaan said. “It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”