SOUTH CAROLINA – The new year has started, but gas prices in South Carolina are tending to get more expensive this week, although they are still at their worst start to the year since 2019.
Pump price stability at the end of the year is credited to consistent oil prices in late December, combined with low demand, according to AAA Carolinas.
“There has been a significant reduction in holiday travel in a good amount,” said Tiffany Wright, spokesman for AAA – The Auto Club Group in the Carolinas. “With fewer people on the roads, we saw few changes, if any, to the pump – but now that’s not the case.”
The current average gas price in South Carolina is $ 2.01, up 2 cents a week. It’s 9 cents more expensive than a month ago, but 35 cents cheaper than a year ago. South Carolina is also among the ten cheapest markets in the country.
The average national gas price remains unchanged, remaining stable at $ 2.25 for the past 12 days – and although that’s 9 cents more than last month, January gas prices are already 33 cents cheaper than last year. AAA expects demand to decline in the coming weeks and that gas prices are likely to be cheaper, especially if crude oil remains at the current price level.
Gasoline demand in the United States, as recorded by the Energy Information Administration (EIA), was at its lowest level in the last week of December in 23 years (since 1998) – at 8.1 million b / d. How high or low gas prices will go in 2021 will largely depend on crude oil prices, supply and demand. AAA expects that as the vaccine becomes more widely available and states loosen travel restrictions, Americans will start to drive more, and at that point, we will see an impact on the bomb.
Oil prices rose last week due to the weak dollar and increased market optimism that coronavirus vaccines will help the recovery of crude oil demand in 2021. However, as coronavirus infection rates continue to rise and travel restrictions increase, oil prices are likely to be limited this week.
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