Midlands gas prices decline with dip in cost of oil
Mon, 08 Aug 2011 16:11:49 GMT —
COLUMBIA (WACH) -- Gas prices in the Midlands continue their decline as oil prices drop across the nation, and experts predict the cost of fuel will keep going down.
Average prices have dropped by 6.5 cents since last week in Columbia, according to ColumbiaGasPrices.com. That puts the current average at $3.45 per gallon.
The pain at the pump is down over 92 cents since last year and more than 8 cents since last month at the same time. That puts South Carolina second overall with the lowest gas price averages behind Arizona. Greenville and Spartanburg both rank in the top ten cities across the nation with comparatively cheap gas.
That compares to the national average which sits at $3.66 per gallon, which fell 3.7 cents over the past week.Related Stories... It could be a mess on Wall Street today Motorists in the Midlands paying less for gas this week Economy growing at slowest pace since recession
Despite the declines, analysts say just because we see a dramatic drop in crude oil prices, consumers won't see a big dip in gas prices right away.
"We're watching an incredible decline in the price of crude oil and gasoline futures that will most certainly have an impact in the upcoming week at the pump. While motorists won't see large drops all at once, I most certainly expect declines in the days ahead," says Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. "Oil prices have shed nearly $15 per barrel in just a week- a dramatic decline brought on by various concerns, but mainly a weak manufacturing report and concern surrounding a possible downgrade of U.S. credit ratings."
For the latest gas prices in your area, check out our Pain at the Pump page.
Do you think you'll see gas prices drop the same percentage as crude oil prices?