Why are SC gas prices falling?

Gas prices have dropped for two consecutive weeks in South Carolina, with the current average at $2.08, according to AAA. That’s a three-cent drop from last week.

A year ago, prices were increasing because of higher demand, with the South Carolina average at $2.02, according to AAA. While South Carolinians are still experiencing higher gas prices than last year because of an OPEC agreement, motorists are not seeing substantial increases at the pump. That’s because of inventories and low demand, AAA said.

The most costly pump prices in South Carolina are in Charleston, $2.13, and Myrtle Beach, $2.08. The least expensive metro areas are Greenville-Spartanburg-Anderson, $2.02, and Columbia, $2.06. South Carolina is below the national average of $2.37. Nationally, prices at the pump have dropped for the first time in three weeks.

While South Carolinians are still experiencing higher gas prices than last year due to the OPEC agreement, motorists are not seeing substantial increases at the pump because of increased gasoline inventories and low demand.

“A big reason for the steady decline in prices at the pump this year is that supply has outpaced demand,” said Tiffany Wright AAA spokeswoman. “Refineries have finished spring maintenance season which has increased production levels, so hopefully prices should fall a few more cents in the next several days.”

South Carolina is below the national average of $2.37. Nationally, prices at the pump have dropped for the first time in three weeks.

AAA Carolinas, an affiliate of the American Automobile Association, is a not-for-profit organization that serves more than 2 million members and the public with travel, automobile and insurance services while being an advocate for the safety and security of all travelers.

This story was originally published May 3, 2017 at 5:32 PM.