Georgia gas prices decline only a fraction of a penny Sunday, after dropping up to two cents a day for the past seven weeks.
Sunday's statewide average was $2.22, seven cents lower than last week, and has declined for the past 58 consecutive days, AAA said in the weekly fuel price report.
"The plunge at the pump could soon come to an end," said Mark Jenkins, spokesman for AAA. "Pump prices are close to catching up with the recent crude price plunge. However, oil prices are beginning to increase, after OPEC announced a production cut agreement on Friday. Regardless, drivers should continue to enjoy low gas prices through the end of the year, unless oil prices suddenly spike."
Drivers in Hinesville-Fort Stewart have the most expensive gas prices in the state, at $2.42, while Dalton drivers are able to fuel up for $2.06. The next highest prices were in coastal cities Brunswick and Savannah at $2.33 and $2.32, respectively; lower prices were also spotted in Rome at $2.08 and Catoosa-Dade-Walker at $2.10.
Meanwhile, GasBuddy.com reports a Georgia average of $2.19 a gallon. However, both agencies agreed that the prices were down about 36 cents from last month.
"Average gas prices have continued to move lower in most states in the last week as retail prices continue to catch up to the low price of oil. 27 states boast a low price of $2 per gallon or less, and Missouri's statewide average will likely fall under $2 per gallon this week, representing the first state to cross the psychological barrier," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"While the going has been good at most gas pumps, OPEC countries did agree to curb oil production, but the cut was smaller than we had expected, and for a shorter duration than anticipated, resulting in a small upward move in oil, one that may not immediately curb the declines. We appear poised to see the national average drop perhaps at least one more week- and we could close this week with the nation's average in the $2.30s- the lowest in over a year."
Their national average was also comparable to AAA's, at $2.41 a gallon.
On Friday, WTI increased to $52.61 per barrel. Oil prices rallied that day after the Organization for Petroleum Exporting Countries announced they, along with non-OPEC members and including Russia, will reduce combined crude oil production by 1.2 billion barrels per day in January 2019.
According to AAA, the cut will be in place for six months and will use October 2018 as a baseline, a time when OPEC and Russia had less crude output than in November. With the announcement, crude prices will likely increase in 2019 ahead of the higher demand driving season next summer. Increased crude prices will likely lead to higher gas prices, given that approximately 50 percent of the cost motorists pay at the pump is based on the cost of crude used to make gasoline.
