Gas prices have inched lower for nearly two consecutive weeks, according to AAA-The Auto Club Group.
The average price for a gallon of regular unleaded has declined for 17 consecutive days in Florida, and 12 days straight in Georgia and Tennessee. During these streaks, average prices have dropped 6 cents in Florida, 4 cents in Georgia and 3 cents in Tennessee.
The average price in Georgia this week is $2.21 a gallon; last week's average price was $2.24.
"Gas prices are taking their seasonal downward turn," said Mark Jenkins,AAA spokesman. "Falling demand leads to oil and gasoline supply builds, which has pushed fuel prices lower. Gas prices should trend lower to finish the month, but begin a seasonal rise in February due to refinery maintenance season."
The crude oil market opened Friday with solid gains ahead of a meeting on January 22 with OPEC and non-OPEC members. The purpose of the upcoming meeting in Vienna, Austria is to develop a mechanism to measure and ensure compliance with their production cut agreement. Regardless of the outcome of the OPEC meeting, increased U.S. crude oil inventories and rising shale production could negatively impact the global oil rebalancing effort. Traders will continue to keep an eye on the outcome of the OPEC meeting and impacts increased U.S. oil production has on the markets. At the closing of Friday’s formal trading session on the NYMEX, WTI was up $1.05 to settle at $52.42 per barrel.
