Low SC gas prices mean more holiday travelers

With the lowest gas prices in seven years, nearly 1.4 million South Carolina residents are expected to travel for the holidays, according to AAA Carolinas.

The holiday season runs Wednesday through Jan. 3.

Ninety percent of travelers plan to drive. A survey by the gas-price-tracking website GasBuddy.com finds 50 percent of those surveyed will drive farther because of the lower prices. Twenty-three percent said they will use their gas-savings to buy gifts.

On average, gas prices are $1.77 in South Carolina and $1.97 in North Carolina. Stations in York County are again among the cheapest in the country, with several at $1.56. The lowest price in the state is $1.54 in Oates, west of Florence.

Analysts with GasBuddy predict prices could fall an additional four to five cents through mid-January.

The low gas prices are the result of a global glut of crude oil with domestic and international manufacturers continuing to maximize production, said analyst Gregg Laskoski of GasBuddy.com

Domestic production is up because of the use of fracking to extract oil, he said, while OPEC has kept production high in an attempt to counter domestic production.

In response, “North American production has been stubborn,” Laskoski.

The possibility of more oil from Iran could also affect prices, he said.

The annual transition from winter to summer blend gasoline will likely increase prices.

The transition usually comes in January or February when refineries close for maintenance. The summer blend is more expensive to produce because it contains more additives that winter blend.

This story was originally published December 22, 2015 at 3:24 PM with the headline "Low SC gas prices mean more holiday travelers."