Energy
Gas Prices Drop To $1.85 In South Carolina
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Gas prices in refinery rich South Carolina have dropped to $1.85 for the average price of a gallon of regular. The figure may nose dive further as the average price for a gallon of regular gas nationwide continues to collapse rapidly and states with refineries and low gas taxes get the further leverage of low oil prices.
On a national basis, the price of a gallon of gas has fallen to $2.08 from $2.22 a month ago. The AAA’s analysts forecast much of the nation will have sub-$2 gas soon. A week ago, it researchers wrote:
Pump prices have fallen for ten consecutive days, reaching today’s national average price of $2.16 per gallon. AAA believes that average U.S. prices should continue to decline and could drop below $2 per gallon by Christmas for the first time since 2009.
Drivers are benefitting from relative savings in the price of retail gasoline with today’s average six cents less per gallon than one week ago and 11 cents less than one month ago. The price of crude oil remains noticeably low compared to previous years, and as a result, retail averages are down 74 cents per gallon year-over-year.
Oil prices are just above $41, and have tested $40 in the last week. A year ago, the cost per barrel was $80.
Among the large advantages South Carolina has its is extremely low gas taxes and levies. It ranks 48th in the nation, just above Alaska and New Jersey. Its total gas taxes are $.35 a gallon, The national average is $.49, according to the API. The state with the highest gas taxes is Pennsylvania at $.74 , over double South Carolina’s level
READ MORE: Retailers Hiring Most For The Holidays
Beyond drivers, retailers may benefit from the gas prices in South Caroline. In theory, more people will drive to stores when gas prices are low. Retails in other states with gas below $2 have an advantage over the few states in which gas prices are above $2.30.. So, a holiday season gift for drivers and retailers, at least in South Carolina
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