Charleston, South Carolina – Gas prices continue to raise and the increasing trend is not going to slow down in the upcoming period, at least that’s what industry experts say.
South Carolina drivers last week had to pay 10 cents more per gallon of gas compared to the week before, pushing the state’s average gas price to $4.26.
According to the GasBuddy weekly report that surveys more than 3,000 gas stations statewide, the last week’s average gas price was increased for a total of 9.8 cents per gallon compared to the last week. Compared to a month ago, the current average gas price is 50.2 cents higher, while compared to a year ago, Palmetto State drivers are currently paying $1.43 more for a gallon of gas.
“Gasoline prices surged over the last week to new record highs, but have finally started to slow their rise with diesel also finally cooling off,” Patrick De Haan, head of petroleum analysis at GasBuddy, said. “With more Americans planning to hit the road for Memorial Day this year compared to last, prices will be over $1.50 per gallon higher than last year. Though, prices are appearing to slow down, for now.”
GasBuddy’s report states that the cheapest gas in South Carolina was sold at $3.65 per gallon, while the most expensive at $4.89 per gallon, which is a difference of $1.24 per gallon.
In the same period, the national average gas price climbed to $4.57 per gallon, which is 11 cents more compared to last week, 45.4 cents higher than a month ago and $1.55 higher than one year ago.
Experts believe that gas prices will continue to rise in the upcoming period taking into consideration the summer period, which usually means more demand for gas globally. Patrick De Haan, head of petroleum analysis at GasBuddy, explained that one way to battle the high prices is lowering the demand in general if possible.