It’s getting worse. Myrtle Beach gas prices spike dramatically second week in a row
For the second week in a row, gas prices in Myrtle Beach rose by more than 10 cents and now sit at an average of $3.26 per gallon.
That’s 94 cents more than a year ago and roughly 27 cents more than a month ago, according to GasBuddy, which studies fuel prices across the country.
The period of relatively minor fluctuations in Myrtle Beach fuel costs for much of winter up until now seems to be over. Myrtle Beach has not seen gas prices this high on Feb. 14 since at least 2013, when the average price was $3.31.
“The jump in gasoline prices has continued unabated as oil prices continue to push higher, reaching $94 per barrel last week on continued concern over the possible imminent threat that Russia may invade Ukraine,” GasBuddy’s head of petroleum analysis Patrick De Haan said in a press release Monday.
There’s no one reason for the rise in prices, but it’s almost a guarantee prices will continue to rise in the coming weeks, De Haan said. Spring break travel is just around the corner and Myrtle Beach is primarily a drive market for vacationers. The inflated cost of gasoline will hit the region harder than many other places in the nation.
“Not only are oil prices up, but the bulk of the nation is starting the multi-month transition to summer gasoline, further adding to the rise at the pump. In addition, cold weather in Texas last week caused some power outages at major refineries, further weighing on markets,” De Haan said in the press release. “I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we’ll still see seasonality push prices up, so motorists should be ready to dig deeper.”
Fuel costs increased faster in Myrtle Beach and across the state than the rest of the nation.
The average price for the entire U.S. only rose 4.6 cents in the last week, to $3.46 per gallon, and is just 16.5 cents higher than a month ago, according to GasBuddy. However, the nation is seeing slightly higher prices compared to a year ago than Myrtle Beach. The U.S.’s price per gallon is 97 cents than last February compared to 94 cents for the Grand Strand.
South Carolina has kept pace with the rise in Myrtle Beach. The average price across the state is $3.25, according to GasBuddy. Gas is even more expensive in North Carolina, where the average price is $3.33.
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This story was originally published February 15, 2022 at 5:00 AM.
