Federal Reserve rate cut causes slight SC gas price jump over the week
CHARLESTON, S.C. (WCSC) – South Carolina has seen a slight, though not discouraging rise in gas prices over the past week.
The state saw an increase in average gas prices of 3.5 cents per gallon, averaging at $2.73 a gallon Monday based on GasBuddy’s survey of over 3,000 gas stations in South Carolina.
In spite of the increase, prices are still 21.3 cents per gallon lower than a month ago and 59 cents per gallon lower than this time a year ago.
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“With oil prices jumping after the U.S. Federal Reserve cut interest rates by a larger-than-expected half percent, we’ve seen some states where gas prices have inched back up, while others have continued to decline. Most of these increases should be temporary with declines returning in the days and weeks ahead,” Patrick De Haan, head of petroleum analysis at GasBuddy, said. “While the future looks good for gas prices to continue trending lower for most in the weeks ahead, oil’s jump may mute the downside potential just a bit — for now.”
As of Monday morning, the cheapest gallon of gas in the Lowcountry was going for $2.59 at a Murphy USA in Moncks Corner, located at 415 Drive In Lane.
The national average price of gas has risen by 1.2 cents per gallon over the last week, averaging at $3.16 per gallon Monday morning.
The national average is down by 18.8 cents per gallon from a month ago and 64.7 cents per gallon lower than a year ago.
The price of diesel continues to trend down, reaching 2-year lows. The price fell by another 2.1 cents per gallon in the last week, bringing it to $3.55 per gallon.
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