Gas Prices Drop Below $3 in Some States

Luke Vandezande
by Luke Vandezande

Drivers in South Carolina are being treated to gas prices below $3 a gallon, something that might even creep into other parts of the country.

Across the country this week, gas prices will start at 49 cents below the peak we saw in early April, something that is already affecting change in new car purchases. When hope for sub $4 or even $5 prices seemed all but lost, hybrid, plug-in and EV sales peaked at 4.6 percent, but are expected this month to sink back to 3.4 percent according to LMC Forecasting.

Even in California prices are falling below the $4 gallon mark, though the lowest price is in Greenville, S.C. at $2.904. Overall, the dip can be attributed to a softening Chinese economy and tumultuous Euro, both of which are expected to pin prices down.

“Until a permanent solution is found to the eurozone’s problems, the global economy is likely to muddle through this crisis for a considerable while, and persistent bouts of risk aversion are likely to haunt the oil markets, making any sustained upside difficult,” said a report from London’s Barclays Bank.

That doesn’t mean you can rely on prices to stay low, and it’s still no justification for buying something you can’t afford to fuel at the higher prices we saw this year. Prices will inevitably rise again, so now might actually be a better time to look at getting that fuel-sipper you were green eyeing two months ago.

[Source: Detroit Bureau]

Luke Vandezande
Luke Vandezande

Luke is an energetic automotive journalist who spends his time covering industry news and crawling the internet for the latest breaking story. When he isn't in the office, Luke can be found obsessively browsing used car listings, drinking scotch at his favorite bar and dreaming of what to drive next, though the list grows a lot faster than his bank account. He's always on <A title="@lukevandezande on Twitter" href="http://twitter.com/lukevandezande">Twitter</A> looking for a good car conversation. Find Luke on <A title="@lukevandezande on Twitter" href="http://twitter.com/lukevandezande">Twitter</A> and <A title="Luke on Google+" href="http://plus.google.com/112531385961538774338?rel=author">Google+</A>.

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