A cheaper winter-blend fuel blend
And according to AAA Carolinas, the prices are expected to continue dropping. South Carolina motorists are paying 14 cents less per gallon than on the same day a year ago and 16 cents less than a month ago. Monday’s average gas price in South Carolina was 48 cents cheaper than the price on Memorial Day.
The fall in prices is attributed to several factors. One is a seasonal supply-and-demand reality of prices droppingg from September through early winter because of declining demand. People drive less during the cooler months.
Less-expensive crude prices, abundant supplies, combined with a cheaper winter-blend fuel blend, should keep prices declining in the Carolinas, according to AAA.
According to a report by The Associated Press, the abundant supply comes in part from a boom in U.S. oil production that has helped sharply reduce dependence on foreign oil.
And it has benefits, particularly as the holiday season approaches. Lower fuel prices can help boost economic growth by reducing fuel bills and leaving consumers and companies with more money to spend on other things.
But don’t get too comfortable with the extra money in your pockets. There is not only the worldwide threat of interruptions to oil supplies, there is economic reality — and a downside.