TAMPA, Fla. — Gas prices are declining again, falling 6 cents nationwide in the past week, according to this week's fuel price brief from AAA. Regional prices are also down 2 cents in Florida, 4 cents in Georgia, and 3 cents in Tennessee. The average price for gasoline on Georgia on Sunday was $2.12 a gallon.
"Average prices rose about a nickel in the past couple weeks due to rising oil prices and elevated demand at the same time that refineries were conducting seasonal maintenance," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "More and more refineries are returning to full capacity, which will beef up supplies, helping to push gas prices lower in the coming weeks."
The price of oil settled at $47.26 a barrel on the NYMEX last Friday - 88 cents higher than Thursday, but $2.37 lower than the closing price a week before. The weekly average price of oil was selling for $45 a barrel for about four weeks before jumping to $48.33 a week ago, but falling back to $46.81 during the past week.
The price of oil could fall lower before the end of the year. So far this year, the average price for a barrel of oil has averaged $50.78. The U.S. Energy Information Administration forecasts oil will average $49.53 this year, and climb to $53.57 next year, signaling that these low gasoline prices shouldn't be going anywhere anytime soon.
"Before the end of the year, drivers could still see the national average fall below $2 per gallon for the first time since 2009, assuming crude oil prices do not increase and there are not unexpected disruptions to supply," Jenkins said.
