Gas prices in South Carolina have declined precipitously over the last three months – a welcome break for motorists who received absolutely no help from their “Republican” politicians during the recent summer spike.
In fact, GOP leaders in the Palmetto State actually hiked taxes during the unprecedented pump pain … yet another convenient omission from those “conservative” talking points they like to spout on the campaign trail.
Gotta love that “Republican” rule, right?
Politics aside, though, let’s look at the good news …
According to the latest numbers from AAA, the average per gallon price for regular unleaded gasoline in South Carolina is currently $3.284. That is the eighth-lowest rate in the nation and a massive $1.325 (or -28.75 percent) decline from the all-time high of $4.609 recorded on July 12, 2022.
As I noted last month, much of the original decline was attributable to slowing demand as Americans made “major changes” in their driving habits due to the surge in prices, according to an AAA survey.
Demand is still declining, albeit at a slower rate. According to the latest data from the U.S. Energy Information Administration (EIA) gas demand decreased from 8.73 million barrels per day to 8.49 million barrels per day last week.
“Although gasoline demand has decreased, fluctuating oil prices have led to smaller pump price decreases,” a statement from AAA noted. “If oil prices continue to rise, the national average will likely reverse as pump prices increase.”
Whether prices are rising or falling, though, South Carolinians are going to feel fuel costs more acutely than the vast majority of their fellow Americans.
As I have consistently noted, gas prices (and taxes) will continue to hit Palmetto State residents harder than people living elsewhere in the country because South Carolinians are so much poorer than their neighbors, on average.
How much poorer? Well, look for an update on that front two weeks from today (September 30, 2022) when the U.S. Bureau of Economic Analysis (BEA) releases its updated data on personal income by state.
ABOUT THE AUTHOR …
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and seven children.
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