S.C. gasoline prices approach $2.50 a gallon; still lowest in nation

Gasoline prices continue to climb in South Carolina and the nation.

BY WARREN L. WISE

wwise@postandcourier.com

The average price of a gallon of gasoline in South Carolina has climbed to nearly $2.50 a gallon, but it’s still the cheapest in the nation.

Gasoline price gauger GasBuddy’s daily survey of more than 3,000 gas outlets in the Palmetto State showed the average price rose 3.6 cents over the past week to $2.48 a gallon Sunday. That’s more than a dime higher over the same time one month ago, but still about 90 cents less than a year ago.

The average price nationally increased 5.5 cents during the past week to $2.81 a gallon, according to gasoline price website GasBuddy.com. That’s up 11.1 cents from the same time one month ago and about 86 cents lower than one year ago.

The gasoline price service had predicted two weeks ago the cost of gasoline would begin to come down, but the energy market proved its volatility .

“Thanks to a large surprise decline in both crude oil and gasoline inventories last week, gasoline prices unexpectedly regained upward momentum,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “The government’s weekly report on petroleum supplies was a major departure from what we’ve seen thus far in 2015 -- major jumps in crude inventories -- so the market reacted significantly to the year’s first big decline in supply.”

Glitches in the Great Lakes region drove up prices there as well.

DeHaan said oil is currently overvalued and believes the cost of gasoline should begin to decline.

In South Carolina, the Charleston-North Charleston area posted the highest prices at about $2.56 a gallon, according to AAA’s Daily Fuel Gauge Report. Motorists will find the lowest average prices in South Carolina in the Upstate at $2.41 a gallon.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.