clear
Thursday February 22nd, 2018 9:59PM

Gas prices in Georgia, nationally decline about three cents

By Alyson Shields Reporter

Georgia gas prices are on the decline about three cents this week as energy prices on the stock market took a dive, with Sunday's statewide average of $2.46.
 
AAA and GasBuddy.com agree that prices declined between three and 3.9 cents over the past week. The national average has also fallen 3.5 cents to $2.57.
 
AAA reports prices have averaged the highest for the month of February since 2014. "Gas prices have the potential to drop 10-15 cents, based on what happened last week," said Mark Jenkins, spokesman for AAA. "However, refinery maintenance season is fast approaching and could spoil this big break for motorists. Every year - from February to April - reduced refinery output and the switch to summer-blend gasoline normally causes gas prices to rise 30-70 cents. Additional drops in oil prices would help soften the impact maintenance season has on prices at the pump. Expect volatility at the pump as these forces collide."

Prices are 25 cents per gallon higher than this day last year, and 2.8 cents per gallon higher than a month ago, according to GasBuddy.
 
"The wait is over- 2018's first weekly drop at gas pumps has arrived with the national average losing ground in the last week. As the Dow Jones average swung violently, oil prices lost considerable ground, falling below $60 per barrel for the first time this year. In addition, a weekly report from the government showed a trifecta of inventory increases: crude oil, gasoline and distillate inventories all gained, pushing wholesale gasoline prices down and paving the way for gas prices to cool off," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "These factors have opened the door for perhaps a brief window of relief at the pump that may last for several weeks. I'd expect most places would see gas prices decline in the week ahead as a direct result. But don't get too giddy- there are still some gray clouds on the horizon."
 
AAA agreed, noting the downturn for energy prices began on Wednesday,  when the EIA's weekly report revealed significant gains in domestic production and inventories. Domestic oil production surged to 10.25 million barrels per day - a new record for weekly production. This was the first time U.S. output exceeded 10 million barrels a day since 1970. This was also the second consecutive week of crude oil inventory gains after declining for 11 weeks in a row. AAA said the inventory growth was one of the main reasons for the oil price drop.
 
On the coast, Brunswick and Savannah had the highest gas prices in the state at $2.50 and $2.49 per gallon, respectively. Dalton, Augusta-Aiken and Warner Robins had the lowest averages in the state at $2.40, AAA reports. GasBuddy reports prices in Atlanta touched $2.47.
 

© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Gas prices in Georgia, nationally decline about three cents
Georgia gas prices are on the decline about three cents this week as energy prices on the stock market took a dive, with Sunday's statewide average of $2.46.
8:01AM ( 17 minutes ago )
Cumming 11-year-old one of Prudential's top Spirit of Community award winners in Georgia
Max Rubenstein, 17, of Atlanta and Angelica Krubeck, 11, of Cumming have been named Georgia's top two youth volunteers of 2018 by The Prudential Spirit of Community Awards.
6:00PM ( 14 hours ago )
Gainesville couple, real estate agent to be on House Hunters TV show
​A Gainesville-based real estate agent and her clients have been selected to be on the television show House Hunters.
12:00PM ( 20 hours ago )
Business News
Lawmakers seek firmer stance against drilling off Georgia
While the governor sticks to cautious, measured responses to President Donald Trump's proposal to expand oil drilling into waters off Georgia and its coastal neighbors, a bipartisan group of lawmakers wants the Georgia legislature to formally denounce the energy plan as a threat to tourism and fishing.
6:25AM ( 1 hour ago )
Gainesville Schools announce Choice Enrollment, Pre-K, Kindergarten registration dates
The Gainesville City School System has announced the dates for Choice Enrollment, Pre-K and Kindergarten registration dates for the 2018-19 school year.
6:00AM ( 2 hours ago )
Trump to unveil $1.5 trillion infrastructure plan
President Donald Trump on Monday will unveil his long-awaited infrastructure plan, a $1.5 trillion proposal that fulfills a number of campaign goals but relies heavily on state and local governments to produce much of the funding
1:08AM ( 7 hours ago )
Local/State News
Georgia gas prices hover just under $2.50
Gas price tracking agencies are split on whether prices rose or fell this past week, with about a one cent margin.
2:00AM ( 1 week ago )
Chateau Elan one of 41 Ga. hotels on AAA's lists of highest-rated hotels
Georgia is home to 41 of AAA’s highest rated hotels in North America, according to the latest round of AAA Diamond Ratings, and Braselton's Chateau Elan Winery & Resort is among them.
By AccessWDUN Staff
10:00PM ( 1 week ago )
Gas prices up statewide, nationally, could continue to increase
Gas prices are up slightly in Georgia, ringing in the last week of January with an average of $2.48, an 18 cent increase from a month ago and 30 cent increase from this time last year.
7:40AM ( 2 weeks ago )
Gas prices in Georgia up two cents, but could drop if U.S. oil production ramps up
Gas prices in Georgia are about two cents higher this week, starting 2018 as the most expensive year beginning since 2014.
8:12AM ( 3 weeks ago )
Gas prices steady first week in to the new year
Georgia gas prices remain steady the first week of 2018, averaging $2.36 Sunday, according to AAA.
10:00AM ( 1 month ago )