Analysts: Gas prices could fall below $2-per-gallon this summer

Analysts: Gas prices could fall below $2-per-gallon this summer
Gas prices could drop to below $2 per gallon this summer. (Source: WAFB)

CHARLESTON, S.C. (WCSC) - We may be in for some good news at the gas pump over the summer, analysts with GasBuddy say.

The lowest national price for a gallon of regular unleaded gas could fall below $2.

“The national average has fallen for its fourth straight week, probably not something motorists would associate with the start of the summer driving season,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said.

Oil prices have dropped nearly $14 in the last eight weeks, DeHaan said, prompted by worries about President Donald Trump’s tariffs on China and Mexico, undermining the U.S. and global economy and perhaps leading to a slowdown in oil demand at the same time as U.S. oil inventories rebounded sharply.

“While there may be volatility and a return to higher prices should Trump make a deal to avoid tariffs on both the countries, for now, it’s going to be a big win at the gas pump with prices in most areas likely to fall notably in the week ahead,” DeHaan said.

South Carolina gas prices have fallen 2.9 cents per gallon in the past week, averaging $2.42 per gallon as of Monday, according to GasBuddy’s daily survey of 3,028 stations.

Gas prices in South Carolina are 10.3 cents per gallon lower than a month ago, and stand 18.9 cents per gallon lower than a year ago.

The cheapest station in South Carolina priced at $2.14 per gallon Monday while the most expensive is $3.76 per gallon, a difference of $1.62. So it definitely pays to price gas before you buy.

CLICK HERE to find the cheapest gas in your neighborhood.

The national average price of gasoline has fallen 1.6 cents per gallon in the last week, averaging $2.81 per gallon on Monday. The national average is down 8.9 cents per gallon from a month ago and 13.8 cents per gallon lower than a year ago.

As of Monday night, the cheapest per-gallon price was $2.23 at locations in Charleston and Summerville.

EDITOR’S NOTE: An earlier version of this story stated the national average for gas prices could fall belwo $2 per gallon. The forecast from GasBuddy stated the nation’s lowest prices could fall below that level, but not the national average.

Copyright 2019 WCSC. All rights reserved.