Georgia gas prices declined at the pump compared to a week ago. Georgia drivers are now paying an average of $2.68 per gallon for regular unleaded; 4 cents less than a week ago and 1 cent less than this time last month. Motorists are paying an average of $40.20 for a full 15-gallon tank of gasoline; a discount of $2.40 from when prices were their highest last May.
“Gas prices are as much as 6 cents cheaper this week for all states in the South and Southeastern region,” said Montrae Waiters, spokesperson, AAA – The Auto Club Group. “Motorists in Florida saw the largest decrease (-7 cents) followed by South Carolina and Georgia – both which saw a 4 cent decrease.”
The drop in gasoline prices could be a result of recent unpredictable weather, particularly in the Midwest, that caused gas demand to decline. Typically, during this time, switching to the more expensive summer blend gasoline, ongoing refinery maintenance, and healthy consumer demand all contribute to pump prices increasing.
The price of crude oil held relatively steady last week, averaging $61.83 per barrel; almost a dollar less than the week before. Friday's daily settlement of $61.66 per barrel is nearly $5/b less than this year's high - set two weeks ago. Meanwhile, gasoline futures dropped four cents on the NYMEX. Wholesale gasoline has declined nearly 10 cents in the past two weeks, which lowers the cost for retailers to purchase fuel.