Gas prices in SC drop by a penny
COLUMBIA, S.C. (WCIV) -- Average retail gas prices fell across the state by only a penny last week, likely signaling the start of an upward trend in gas prices.
"The national average has begun to tip-toe higher in the last week, led by states in the Great Lakes and West Coast where gasoline prices have crept up considerably in some areas over the last week," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
The average price across the state was $3.18 per gallon, according to GasBuddy.com. That's 15.8 cents less than one month ago and 30.8 cents below the average prices one year ago.
Nationally, prices dropped by 1 cent to $3.51 per gallon, the website reports. The national average has decreased 7.8 cents per gallon during the last month and stands 26.8 cents per gallon lower than this day one year ago.
But rebounding oil prices and shifts in stock trading could mean an end to the downward trend in gas prices.
"Oil prices have rebounded, and with the recent strength in stocks trickling over to commodities, I do expect retail gasoline prices to inch up in the weeks ahead. The biggest increases will be along the West Coast where gasoline supply remains at an ultra-tight status, but prices will also increase in many other areas, led higher by the rally in crude prices we've witnessed in the last week," DeHaan said.