Gas prices spike in Myrtle Beach, foreboding future increases this spring
Gas prices in Myrtle Beach rose a dramatic 11.5 cents per gallon in the last week, and it doesn’t look like they’ll get better anytime soon.
The average price at the pump in the Grand Strand is now $3.15, according to GasBuddy, which tracks fuel prices around the country. That’s 18.6 cents higher than a month ago and nearly $1 — 92.1 cents — higher than a year ago.
The spike in Myrtle Beach fuel costs is more dramatic than the rest of the state and the nation saw last week.
Nationally, the average price per gallon increased by 8 cents to $3.42 and South Carolina had an increase of 8.6 cents to $3.15, according to GasBuddy.
That puts Myrtle Beach on par with the state’s average gas price. In the past few months, it had been frequently below the average cost of the rest of the state.
Despite the high cost in gasoline compared to a year ago, Myrtle Beach is still a ways away from reaching the historic fuel price highs seen back in the early 2010s. On Feb. 7, 2012, the average price of gas in the region was $3.39, according to GasBuddy
North Carolina saw a smaller rise in gas prices last week, up just 6.1 cents to $3.20 per gallon, but that still puts it above the cost of gas in Myrtle Beach or South Carolina as a whole, according to GasBuddy.
Much of the rise in the last year was due to increased demand that was not being met by increased supply in foreign countries. Russia and countries in the Middle East that supply much of the world’s oil have been slow to increase production after having to dramatically cut it at the start of the pandemic.
Now, a new geopolitical concern has appeared that is causing the fuel price increase: concerns over Russia invading Ukraine, GasBuddy said in a press release.
“With the national average at its highest level since 2014, the news is grim: motorists should expect even more price increases, with the larger jumps coming later this spring as a confluence of seasonal factors and the potential flare up in geopolitical tensions,” GasBuddy’s head of petroleum analysis Patrick De Haan said in a press release. “Ultimately, the national average could be pushed to record territory by the start of the summer driving season.”
This story was originally published February 7, 2022 at 10:11 AM.
