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2-state gasoline prices increase by about a dime per gallon

Here’s a look at the situation with fuel prices this week in the two-state region
FILE - In this Jan. 22, 2010 file photo, Michael Lerner pumps gas into his car at the Speedway...
FILE - In this Jan. 22, 2010 file photo, Michael Lerner pumps gas into his car at the Speedway gas station in Cleveland Hts., Ohio. Motorists are paying the highest prices for gas since October 2008. Retail gasoline prices on Thursday, March 18, 2010 rose on an expected increase in demand and as more expensive spring and summer blends of gasoline make their way to the pumps. (AP Photo/Amy Sancetta, File)(Amy Sancetta | ASSOCIATED PRESS)
Published: Mar. 15, 2021 at 2:59 PM EDT
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Georgia

Georgia gas prices increased at the pump compared to a week ago, with Georgia motorists paying an average price of $2.69 per gallon for regular unleaded gasoline.

Monday’s state average is 11 cents more than a week ago, 36 cents more than last month, and 59 cents more than this time last year.

It now costs motorists $40.35 to fill a 15-gallon tank of gasoline; that is $3.45 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.

“Nearly every state average has climbed by double-digits since February resulting in 1 in 10 gas stations with pump prices that are $3 per gallon or more,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group. “Even though Georgia pump prices are trending upward we have remained below that threshold.”

Since last Monday, the national average for a gallon of regular gasoline has increased by 9 cents to $2.85.

Rising crude prices, tightening gas supplies, and increased gas demand continue to drive pump prices to higher ground. According to new data from the Energy Information Administration, total domestic gas stocks decreased by 11.9 million barrels to 231.6 million barrels, as demand increased from 8.15 million barrels a day to 8.73 million barrels a day last week. Last week’s demand measurement is the highest since the end of November 2020. If these trends continue alongside higher crude prices, drivers can expect pump prices to increase through the week.

Most expensive Georgia metro markets – Savannah ($2.76), Valdosta ($2.72) and Brunswick ($2.71).

Least expensive Georgia metro markets – Gainesville ($2.64), Catoosa-Dade-Walker ($2.65) and Dalton ($2.66).

In South Carolina

As growing demand is driving up gas prices quickly, with South Carolina pump prices showing an increase of almost a dime per gallon over the past seven days.

Industry analyst GasBuddy said the average price for gas in South Carolina is $2.61. That’s based on their survey of 3,028 stations across the state.

Gas prices in South Carolina are 34 cents higher than one month ago and 63.2 cents higher than one year ago.

“As Americans turn optimistic on COVID-19 pandemic recovery, we’ve been seeing insatiable demand for gasoline, which continues to recover far faster than oil production,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

He said last week’s demand was just 1% below the pre-pandemic level, what he called “an extremely bullish factor likely to continue driving gas and oil prices up in the short term.”

Nationally, drivers are paying an average of $2.86 per gallon, 6 cents more than the same time last week. The national average is up 33.2 cents from a month ago and 64 cents from a hear ago.

The lowest price per gallon in the Lowcountry Monday morning was $2.38 the a North Charleston Sam’s Club, according to GasBuddy.

From reports by WALB and WCSC