CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline plunged 19 cents over the past two weeks to $4.86 per gallon.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the continued decline comes as crude oil costs also fall.
“Assuming oil prices do not shoot up from here, motorists may see prices drop another 10-20 cents as the oil price cuts continue making their way to street level,” Lundberg said in a statement.
The average price at the pump is down 24 cents over the past month, but it’s $1.66 higher than it was one year ago.
Nationwide, the highest average price for regular-grade gas was in the San Francisco Bay Area, at $6.14 per gallon. The lowest average was in Baton Rouge, Louisiana, at $4.19 per gallon.
According to AAA, the national average on Monday was $4.68 a gallon, while the average in South Carolina was $4.18, which is down 12 cents from a week ago and 43 cents from a month ago.
Meanwhile, Gas Buddy’s survey of 3,028 stations in South Carolina, showed the average price at $4.14 a gallon, matching the 12-cent drop reported by AAA. The GasBuddy survey showed prices in the state are 44.7 cents per gallon lower than a month ago and $1.29 a gallon higher than a year ago.
According to GasBuddy, cheapest station in South Carolina on Sunday was priced at $3.70 a gallon while the most expensive was $4.99.
“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020,” according to Patrick De Haan, head of petroleum analysis at GasBuddy. “Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago.
“We may see the trend last a fifth week as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we’re not completely out of the woods yet. We could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”
According to the Lundberg survey, the average price of diesel dropped 13 cents since June 24 to $5.76 a gallon.