How gas prices have changed in Spartanburg in the last week (2024)

How gas prices have changed in Spartanburg in the last week (1)

Spartanburg, SC News

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Stacker

July 29, 2024

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How gas prices have changed in Spartanburg in the last week

The average cost for a gallon of gasoline hasn't budged in at least a week nationwide. That story looks slightly different, however, in Midwestern states surrounding the Great Lakes region, where a refinery outage is pushing prices upward.

The ExxonMobil refinery in Illinois suffered a power outage in a storm two weeks ago, which has kept it offline ever since. Exxon has yet to say when the facility might be back in operation. The company previously said the earliest it could be restored was by the end of July.

The national average for a gallon of gas is still down by more than 20 cents per gallon compared to a year ago, and it could dip further as the summer comes to an end.

"With the summer winding down and GasBuddy data showing disappointing gasoline demand and struggling oil prices, we could eventually see the national average falling a bit more, especially once the refinery in Illinois restarts operations," GasBuddy analyst Patrick De Haan said in a statement Monday.

Stacker compiled statistics on gas prices in Spartanburg, SC metro area using data from AAA. Gas prices are current as of July 29.

Spartanburg by the numbers
- Gas current price: $3.17
--- South Carolina average: $3.17
- Week change: -$0.04 (-1.1%)
- Year change: -$0.36 (-10.2%)
- Historical expensive gas price: $4.61 (6/12/22)

- Diesel current price: $3.56
- Week change: -$0.01 (-0.3%)
- Year change: -$0.26 (-6.7%)
- Historical expensive diesel price: $5.53 (6/10/22)

Metros with the most expensive gas
#1. Lihue (Kauai), HI: $5.25
#2. San Luis Obispo-Atascadero-Paso Robles, CA: $4.92
#3. Santa Rosa, CA: $4.89

Metros with the least expensive gas
#1. Lubbock, TX: $2.92
#2. Biloxi-Gulfport-Pascagoula, MS: $2.93
#3. Jackson, MS: $2.95

This story features writing by Dom DiFurio and is part of a series utilizing data automation across 371 metros.

You may also like:People from these metros are looking to buy homes in Spartanburg

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How gas prices have changed in Spartanburg in the last week (2024)

FAQs

What has caused the sudden increase in gas prices? ›

The cost to refine crude oil into gasoline, including occasional refinery production shutdowns, scheduled and unscheduled. Seasonal factors, such as changing from cheaper gas blends used in the winter, leading to a natural price spike in the spring. Spot shortages, sometimes caused by geopolitical tensions.

Why did the gas company prices go up? ›

About 58% of the increase is associated with modernizing and upgrading our infrastructure so that we can maintain and enhance long-term reliability and safety for our customers, and assess safety-related costs based on state-mandated risk assessment program that takes into account our top safety risks.

How much is gas in SC right now? ›

South Carolina average gas prices
RegularPremium
Current Avg.$3.204$3.993
Yesterday Avg.$3.217$4.006
Week Ago Avg.$3.213$3.996
Month Ago Avg.$3.197$3.983
1 more row

Why are gas prices always changing? ›

Gasoline price changes in California are primarily driven by the cost of global crude oil and significant unplanned refinery outages.

Is there a gas shortage in 2024? ›

US natgas output to decline in 2024, while demand rises to record high, EIA says. May 7 (Reuters) - U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.

Why are oil prices rising? ›

Oil prices have climbed in recent weeks, spurred by concerns over supplies and geopolitical risks, including wars in Ukraine and the Middle East. Analysts say the momentum could carry prices higher. The price of a barrel of Brent crude oil, the international benchmark, has risen more than 20 percent since mid-December.

What state has the cheapest natural gas? ›

The cheapest residential natural gas rates

Utah has the cheapest natural gas rates, coming in at $9.12 per 1,000 cubic feet. That's nearly 8 percent lower than No. 2 Montana.

Why is PG&E charging so much for gas? ›

A: The biggest reason power prices have risen so sharply in recent years is wildfires. Another factor is the rising cost of labor and supplies. Californians pay higher electricity rates — the price per unit of energy — than every other state except Hawaii, as of November.

Is gas more expensive than electricity in California? ›

Los Angeles area households paid an average of 27.7 cents per kilowatt hour (kWh) of electricity in June 2024, higher than the 27.3 cents price per kWh paid in June 2023. The average cost of utility (piped) gas at $1.574 per therm in June was lower than the $1.716 per therm spent last year.

What state has the cheapest gas right now? ›

Average Regular Gas Price Comparison by State
  • Mississippi. 2.933. -0.004.
  • Louisiana. 2.987. -0.002.
  • Tennessee. 3.049. +0.002.
  • Oklahoma. 3.069. -0.003.
  • Arkansas. 3.078. -0.005.
  • Alabama. 3.080. -0.001.
  • Texas. 3.094. -0.003.
  • South Carolina. 3.132. -0.003.

What day are gas prices cheapest? ›

Buy Gas on Monday or Tuesday

Be strategic about the days you fill up at the pump. “For gas, Mondays and Tuesdays tend to be the cheapest days to fill up your tank as demand is lower at the beginning of the week,” Anderson said.

Why is gas so much cheaper in South Carolina? ›

Taxes (or lack thereof)

The state consistently ranks as one of the cheapest states at the pump. You can thank S.C. lawmakers for that. For over three decades, South Carolina refused to increase the state gas tax.

What is the main cause of high gas prices? ›

The cost of crude oil is the largest factor in the retail price of gasoline. Because of this, changes in the retail price of gasoline typically track changes in the global crude oil price.

Who controls the price of gasoline? ›

Yes, policies and legislation can certainly play a role, but gas prices are largely dictated by oil prices and oil prices are dependent upon supply and demand. Presidential control is not as simple as what those posts suggest on social media. The year 2022 was a perfect example.

Will prices go back down? ›

"Deflation, economists... they would not really look kindly on falling prices, and actually, prices are far unlikely to go back to those pre-pandemic levels," Foster said. So, while inflation has indeed slowed since 2021, we're probably not going back to 2019 prices.

Why did gas prices go up in March 2024? ›

From 2021 to 2024, gas prices during these months have increased by as much as 71 cents. “Gas prices move higher in the spring and summer every year. The nation makes the switch from cheaper winter blend gas to summer starting in March and April,” Gross said.

What is the future gas price prediction? ›

Gas Overview

According to our Gas price prediction, GAS price is expected to have a -13.62% decrease and drop as low as by July 31, 2024. Our analysis of the technical indicators suggests that the current market feeling is Neutral Bearish 37%, with a Fear & Greed Index score of 74 (Greed).

Why is gas so expensive right now in Florida? ›

"Drivers may be in line for another round of rising prices after gasoline and crude oil futures rose to new 2024 highs last week." The increase is reportedly driven by weekly domestic gasoline supply numbers that were lower than the market expected. According to AAA, rising gas prices are fairly common in the spring.

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