CHARLESTON, S.C. (WCBD) – South Carolina gas prices hit their lowest point since mid-July this week, but destabilization in the Middle East has raised concern among some experts.
The statewide average fell by 9.5 cents and South Carolinians can now expect to pay $3.16 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 22.1 cents per gallon lower than a month ago and 17.4 cents per gallon lower than a year ago.
The survey found that the cheapest gas in the state is priced at $2.81 per gallon while the most expensive is $3.79, a difference of 98.0 cents per gallon.
The national average fell 10.2 cents and stands at $3.67 per gallon today. The national average is down 13.8 cents per gallon from a month ago and 25.0 cents per gallon lower than a year ago.
“At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region. I’m hopeful the violence won’t spread, limiting the impact to these falling gas prices.”
Even as oil prices rise in reaction to Hamas’ surprise attack on Israel, De Haan said he is “optimistic the national average could decline another 25-45 cents by late November.”
The national average diesel price has fallen by 4.0 cents in the last week and now stands at $4.48 per gallon.
“Even the price of diesel has seen downward pressure with oil prices plummeting last week on fears that the Fed will be forced to continue raising rates, eating into demand growth, leading a barrel of crude to drop into the mid-$80s, but we remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate,” De Haan added.