Georgia gas prices continued to decline Sunday, however a spike in oil prices may hit the brakes on the downward streak.
Prices averaged $2.71, according to the weekly fuel price report from AAA. That's four cents less than a week ago but 60 cents higher than this time last year.
Atlanta has the highest gas prices at $2.75, Athens comes second at $2.74 and Hinesville-Fort Stewart saw prices averaging $2.72. Least expensive prices at pumps in the state were in Warner Robins at $2.57 and Augusta-Aiken at $2.59.
Oil prices are up by $3 as of Friday and that usually increases the price of gasoline. The price settled at $68.58 per barrel, $3.50 more than a week ago.
The increase in crude came after OPEC and Russia announced an agreement to raise oil production. While a production increase would normally put downward pressure on oil prices, it's still unclear exactly how much more oil will be reintroduced into the market and which countries it will come from. The uncertainty is causing what's considered to be a short-term increase in oil prices. Ultimately, oil prices are forecast to decline after the details are hammered out.
"This news could bring some volatility back to the pumps this week," said Mark Jenkins, spokesman for AAA. "Gas prices could rise a couple pennies or simply level out. Anything more than that would require crude to make additional gains this week. Regardless, it's encouraging that OPEC decided to raise production in hopes of avoiding a global supply deficit. That's good news for motorists, because this should eventually lead to lower prices at the pump."
Fuel tracking website GasBuddy.com reports prices are down 3.3 cents to $2.67 Sunday. Their reports show prices are down 59 cents from one year ago in Georgia and 14.1 cents during the last month.
