South Carolina gas prices fall below $3 for first time since December 2021

CHARLESTON, S.C. (WCBD)- Motorists in South Carolina are feeling welcome relief at the pump as average prices have dropped below $3 per gallon for the first time this year.

The state gas price fell by 10.6 cents in the last week and South Carolinians can expect to pay $2.98 per gallon at the pump on average, based on a survey from GasBuddy of 3,028 gas stations across the state.

Gas prices in South Carolina are 23.4 cents per gallon lower than a month ago and 3.3 cents per gallon lower than a year ago.

The survey found that the cheapest gas in the state is priced at $2.65 per gallon while the most expensive is $3.69 per gallon, a difference of $1.04 per gallon.

The national average price of gasoline has fallen 15.8 cents, averaging $3.36 per gallon today. The national average is down 43.0 cents per gallon from a month ago and stands 1.5 cents per gallon higher than a year ago.

“For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January,” Patrick De Haan, head of petroleum analysis at GasBuddy said. “Every state has again seen average gasoline prices drop in the last week, and it remains very possible the national average could fall under $3 per gallon by Christmas.”

De Haan said, however, that an upcoming price cap on Russian oil could spell trouble for falling prices as OPEC+ may cut more production.

“For now, however, we’ll likely see another week of declines at the pump in nearly all areas,” he said.

The national average diesel price declined by 13.6 cents in the last week, averaging $5.06 per gallon.