AAA: SC gas price drop is greatest since '08

COLUMBIA, S.C. (WCIV) -- A 12-cent drop in gas prices across South Carolina is the state's largest decrease since 2008.

That's according to AAA Carolinas, which announced the drop in a news release Wednesday.

"The price drop is great news for drivers," said David E. Parsons, president and CEO of AAA Carolinas. "However, the nature of gas pricing today mostly depends on issues outside the U.S., like armed conflicts in oil-producing nations, the dollar's value against the Euro and the demand for oil in developing countries like China, India and Brazil."

Researchers at AAA report the average price of a gallon of gas in South Carolina is 12 cents less than a week ago. The average price in the Palmetto State is $3.36 per gallon.

Prices have dropped 27 cents since Sept. 14, when the price was $3.63 per gallon, AAA said.

Charleston has the highest gas prices in the state, according to the Associated Press. The average price in Charleston is $3.48 per gallon.

The recent drop in price was caused by a decline in crude oil prices and worries about the possible weakening of the global economy, a decline in demand by U.S. drivers and a stronger U.S. dollar, according to AAA Carolinas.

The Associated Press contributed to this report.

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