Gas Prices Fall Amid OPEC+ Production Increase

Gasoline prices across the U.S. are declining unexpectedly, contrasting with the typical seasonal rise, largely due to an increase in oil production by OPEC+ and lower gasoline demand. The national average for regular gasoline has dropped by 8.2 cents to $3.13 per gallon, with prices in South Carolina averaging $2.72, down 10.1 cents week-over-week. Experts attribute this decline to oversupply in the market and reduced gasoline usage, with demand decreasing from 8.49 million barrels per day to 8.42 million. The Energy Information Administration reports that domestic gasoline supply has also fallen, contributing to the lower prices at the pump. Despite the current downward trend, analysts warn that any abrupt changes in the tariff situation could halt this price decline. Overall, the situation reflects a significant shift in supply dynamics amidst ongoing geopolitical concerns.