Gas prices continue to drop

Gas prices continue to drop

Average retail gasoline prices in South Carolina have fallen 7.0 cents per gallon in the past week, averaging $2.03/g Sunday, according to GasBuddy’s daily survey of 3,028 gas outlets in South Carolina. This compares with the national average that has fallen 7.7 cents per gallon in the last week to $2.19/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in South Carolina during the past week, prices Sunday were 108.0 cents per gallon lower than the same day one year ago and are 45.2 cents per gallon lower than a month ago. The national average has decreased 52.8 cents per gallon during the last month and stands 112.7 cents per gallon lower than this day one year ago.

“As we’ve welcomed in the new year, gas prices have stayed at their bargain basement levels in most states, with just a few seeing minor gas tax increases,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “2015 will be a far better year at the pump than what we saw in 2014, and motorists will fare substantially better, shelling out $96 billion less this year at the gas pump with motorists in most states seeing far more $2 gas than $3 gas.”

“And while gasoline consumers have been celebrating, diesel consumers have been slowly joining the party, with diesel prices declining an average 44c/gal in the last month. And while the party is nearing an end for falling gasoline prices, the diesel price decline has much catching up to do. I see diesel prices declining another 35-50 cents a gallon nationally over the next month or so,” DeHaan noted.

GasBuddy will be releasing its 2015 Yearly Fuel Outlook on Tuesday, January 6, 2015, and will be sent to GasBuddy’s distribution list, or can be found at GasBuddy’s Press Room, by visiting media.gasbuddy.com. The Fuel Outlook will provide gasoline and diesel consumers alike a view at what 2015 will look like at fuel pumps across the country, and for select major cities, expected peak average prices.

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