MYRTLE BEACH, S.C. (WBTW) — Gas prices are rising all over the country and here in the Carolinas is no different.
Patrick De Haan, the Head of Petroleum Analysis for GasBuddy said with people driving less this time last year at the beginning of the pandemic, oil producers reacted by shutting down wells and production.
“Gas demand according to GasBuddy is just about at its highest demand since the pandemic started, which is pretty impressive given last April we saw demand down to 60 percent,” De Haan said.
De Haan said now oil producers are making up for that demand saying, “now that things are recovering just in the last two months or so, production that is crucial supply has not followed demand as quickly so that’s caused the price of oil to go up to about $65 a barrel and that’s what’s really pushing up gas prices.”
Gas prices have risen eight cents per gallon in the past week in Myrtle Beach, averaging $2.63 a gallon, according to GasBuddy’s daily survey of 197 stations in the area.
Gas prices in Myrtle Beach are 31.1 cents per gallon higher than a month ago and stand 63.9 cents per gallon higher than a year ago.
Now, more people are driving and gas prices are rising to meet that demand.
“Prices have been going up really since early mid November and a lot of it has to do with vaccines starting to improve the outlook for COVID-19. Cases of COVID-19 are dropping, it’s all good news but that also means more Americans are getting out and about,” De Haan said.
AAA Carolinas said they expect gas prices to continue like this or rise into the summer and most likely won’t see a decrease until after Labor Day.
“Typically the gas prices don’t start to rise until right around this spring break time frame, unfortunately, though for us the gas prices for us started to increase a while back. We saw them rising right around December honestly,” said Ernie King, branch general manager for AAA Carolinas.
King said his advice to cut costs is to not speed and fill up your tank when you go to the gas station, don’t make multiple trips.
“The less times that you find yourself needing to visit the pump, the less times you’re going to have to pay potentially higher gas prices,” King said.