The price of gas is usually a direct result of supply and demand. For example, while more people are traveling during the summer months, the prices tend to go up. Then, many times, it drops at the end of the summer.
Tracie Lawrence, AAA Branch Manager, says that this time the drop in prices is an effect of the global economic crisis. She says, "because of the trouble right now that's going on in Europe and in Greece, specifically, it's causing the value of the Euro to change. Where the Euro has really been stronger than the U.S. Dollar for quite a few months, that gap is changing."
In the past few months, every 100 U.S. dollars equalled only 60 Euro's. As of this morning, it had moved up to 70 Euro's for every 100 dollars. This helps us get a little more for our money.
Unfortunately, we don't know how long this downward trend will continue. Tracie says that "right now, it's down seven cents, which is the lowest average price since February." She expects it to continue to go down a bit due to the arrival of Fall and the slower season, but she has no way of knowing for how long.
The current average price for a gallon of regular gas in the Myrtle Beach area is $3.18.