Fuel prices dropped seven cents this week, as crude oil dove to an eight month low last week.
AAA's weekly fuel price reported the statewide average for a gallon of regular unleaded is $2.57 cents as of Sunday, the lowest average since March 29.
The price is down 24 cents over the past 30 days, though Georgia drivers are still paying about 16 cents more per gallon this year than they were last year at this time.
Fuel tracking website GasBuddy.com reports close numbers, with a statewide average at $2.54, down 5.6 cents in the past week.
In our area, AAA said Athens' $2.60 prices were the third highest in the state. The Hinesville-Fort Stewart area had the highest prices in the state for the second week in a row at $2.66; coastal Brunswick had the second highest price at $2.63.
Those who traveled through Rome, Albany, and Warner Robins all saw prices hovering around $2.47, the lowest average in the state.
The Atlanta area avoided AAA's highest price list again this week, with GasBuddy reporting an average price down 8.5 cents from last week at $2.54.
Nationally, the price for a gallon declined 20 cents over the past month. The national average Sunday was $2.70, 14 cents high than this time last year.
With Thanksgiving about 10 days away, the projections at the pump may signal good news for those who plan to fill up the tank and travel for the holiday.
"The price of producing gasoline has dramatically declined during the past month, thanks to concerns of lower global demand and strong fuel supply and production," said Mark Jenkins with AAA. "Unless oil prices change course, motorists could easily see pump prices shed another 10-20 cents before 2019, and slip below year-ago levels by Thanksgiving."
GasBuddy Head of Petroleum Analysis Patrick DeHaan said nearly every state saw a decline in the average price in the last week.
"Every single day, Americans are spending nearly $100 million less than just 30 days ago - a significant and impressive feat as the national average gas price has shed over 20 cents per gallon over the last month. Oil's demise has partially been due to the U.S. issuing waivers to countries buying crude oil from Iran, making sanctions moot, but also because ahead of those waivers, OPEC agreed to increase production to soften the potential blow from the Nov. 4 re-imposition of sanctions, yet now OPEC is upset and may again cut production to the the move by Trump to allow temporary waivers. What's it all mean for motorists? The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up."
The daily settlement of $60.19 per barrel of crude oil is the lowest since March, AAA reported.
In the past month, WTI crude declined a total of $16 per barrel on the NYMEX. A loss of that magnitude can ultimately lead to a total discount of 40 cents at the pump. So far, the national average has declined nearly 20 cents since the price of oil started its slide last month.
Domestic crude production reached a new all-time high of 11.6 million barrels per day, according to the Energy Information Administration. Additionally, domestic oil supplies rose for the eighth consecutive week; increasing at total of 10% during that time. These shifting fundamentals have helped create a bearish sentiment in fuel markets.
