Columbia average gas price soars to $4 a gallon for first time since 2008
The average cost for a gallon of regular gasoline topped $4 in Columbia for the first time in 14 years Wednesday morning.
According to AAA South Carolina, the current average in Columbia is $4.04, up from $3.99 on Tuesday and $2.54 a year ago. Columbia’s average price for a gallon of regular hit a record high of $4.209 in September 2008.
The city’s pain at the pump falls in line with the rest of Richland County and the state averages, which both also hit $4 a gallon for regular gas on Wednesday. Also, the national average for a gallon of regular broke the $4 barrier on Sunday.
The U.S. price of oil surged 26% last week, rising a little more than $24 a barrel. An increase of that magnitude translates to a $0.60 increase at the pump. This could yield another $0.10 to $0.15 increase at the pump, AAA states.
Crude prices continue to surge in response to the conflict between Russia and Ukraine. As the conflict continues, the oil markets will likely respond by increasing the price of crude oil to reflect more risk of disruption to tight global oil supplies this week, AAA states. Additionally, the U.S. Energy Information Administration reported that total domestic crude stocks decreased by 2.6 million bbl last week to 413.4 million bbl. The current stock level is approximately 15% lower than at the end of February 2021, contributing to pressure on domestic crude prices.
Meanwhile, President Joe Biden announced on Tuesday a ban on U.S. imports of Russian oil in response to the Ukraine invasion and warned that the move would likely raise gas prices for Americans even more.
Below are a few basic fuel saving tips motorists can take.
Fuel Saving Tips:
- Maintain your vehicle to optimize fuel economy.
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
