Thursday November 26th, 2015 1:59AM

AAA: Gas prices drift lower, US declared largest oil producer

By Staff
TAMPA, Fla. - The United States surpassed Saudi Arabia and Russia to become the world's biggest oil producer this year. According to a report from the Bank of America Corp., the U.S. is projected to remain the top producer of 2014 because domestic output is forecast to increase and production growth outside the U.S. has been lower than anticipated.<br /> <br /> "The shale boom in Texas and North Dakota continues to spur domestic production growth," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Not only does supply growth have a positive effect on the economy, but can help reduce the price at the pump. Increasing domestic production puts a cap on oil prices which keeps gas prices affordable.<br /> <br /> "Domestic oil prices remain susceptible to geopolitical conflict, which in turn influences gas prices. Fortunately, the price of oil is trending down as fears of a supply disruption in Iraq are dissipating and news that Libya will soon resume shipping oil at full capacity."<br /> <br /> The price for a barrel of oil slipped $1.68 last week, closing at $104.06 on the NYMEX on Friday. The national average price for a gallon of gasoline is 2 cents cheaper than last week. The average price is 3 cents cheaper in Florida and Tennessee, and 4 cents cheaper in Georgia compared to last week.<br /> <br /> "Lower oil prices means gasoline should continue drifting down this week," continued Jenkins. "However, prices typically become volatile in the mid to late summer months as we move into hurricane season. Motorists will likely see prices spike if a hurricane moves into the Gulf of Mexico."<br /> <br /> The national average for a gallon of gasoline for Sunday, July 6 was $3.65, down two cents a gallon from a week ago. Georgia motorists are paying $3.56 a gallon on average; that price is three cents lower than it was last week.
© Copyright 2015
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 10 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 10 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 10 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 10 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 10 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 10 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 10 months ago )
Local/State News
Obama grants reprieve to turkeys 'Honest' and 'Abe' during White House ceremony
WASHINGTON (AP) — President Barack Obama spared two turkeys named for one of the nation's most admired presidents, continuing a White House tradition that provides a refreshing sense of amusement and...
9:18PM ( 4 hours ago )
The big getaway: Thanksgiving travelers hit the road and pack airports, despite terror fears
LOS ANGELES (AP) — The big Thanksgiving getaway went into full swing Wednesday with drivers delighted by the lowest November gas prices in years and many airline passengers undaunted by terrorism fear...
7:10PM ( 6 hours ago )
Traffic slowed Wed. afternoon by overturned dump truck on Candler Hwy.
Traffic was slowed on Candler Highway in Gainesville Wednesday afternoon because of an overturned dump truck near Cottrell Trailers.
3:39PM ( 10 hours ago )
Gainesville officials say 2,600 gallons of sludge accidentally pumped into Flat Creek
City officials said an estimated 2,600 gallons of sludge was accidentally pumped into Flat Creek Tuesday evening.
2:31PM ( 11 hours ago )
Man faces charges in Hall subdivision home invasion
A 20-year-old Gainesville man faces charges in an early September home invasion in Hall County.
12:12PM ( 13 hours ago )