(WPDE) — If you have filled up at the gas pump recently, you probably noticed gas is cheaper than it was this time last year. During Labor Day Weekend, gas prices were the lowest they’ve been since 2021. According to AAA data, South Carolina gas is around 60 cents lower now than last year, and in North Carolina, gas is 59 cents lower than last year. Patrick De Hann, a gasoline analyst with a gas price company called GasBuddy, said in 2022 the nation saw prices as high as five dollars a gallon, but since then, prices have been getting lower and lower every year. De Hann said, “We are normalizing over time because things like COVID are getting further and further in the rearview and so the economy is cooling back off.” He said between economic imbalances from COVID-19, refinery issues, and inflation gas was higher in price than in previous years. He explained that now gas prices have dropped because oil is cheaper, inflation is falling, and the economy is slower which means fewer people are buying gas. On top of this, he said gas is cheaper in the fall and winter months because not as many people are traveling, and the winter gas blend is cheaper. While cheap gas is good for consumers, De Hann said cheap gas is not always a good sign. “Generally speaking as goes the economy as go gas prices, if the economy is rip-roaring and very high or hot I should say, gas prices go up just like in 2022 though it was very hard to see at the time because we were still trying to navigate the pandemic and Russia invading Ukraine, there was enhancement there, but generally lower gas prices are not a good sign,” said De Hann. Coastal Carolina University Economic professor, Sourav Batabyal, said he agrees with De Hann, a weak economy will produce cheap gas prices because fewer people are buying it. Batabyal said, “Demand is slow, it’s not only in the United States and that it’s worldwide you know. Even in China demand has gone down.” He told ABC 15 that gas demand is also low because 15% of the workforce works from home and electric vehicles on roads have doubled since 2021. He said people should expect lower prices on groceries in the months to come as well because lower gas prices put less stress on goods and services. Batabyal also said he expects a rise in gas prices after the new year because more people are traveling for the holidays, causing a higher gas demand. De Hann said prices will not get higher than what we’ve already seen, and prices next summer should be lower than prices were this summer. Categories: Local News, News Tags: Gas Prices