Gas prices keep dropping in Georgia after Harvey

Gas prices continue to fall in the southeast and Georgia prices dropped almost a nickel during the past week.
 
The 4.5 cent drop is the latest in a decline over the past 40 consecutive days, to a total drop of 37 cents according to AAA's weekly fuel price report. Despite the downward trend, the state average is still about 18 cents higher than pre-Hurricane Harvey levels.
 
The report showed that on average, gas prices are $2.40 in the state. Savannah had the most expensive prices at $2.44, with Savannah following at $2.43 and Athens trailing in third highest at $2.42.
 
Albany had the lowest gas price averages at $2.27. That's lower than the usual front runner, Augusta-Aiken, with prices at $2.32 this week.
 
"Motorists should expect another round of discounts at the pump this week," said Mark Jenkins, spokesman for AAA. "Gasoline futures and wholesale prices gained some strength last week, but not enough to stop the pump price plunge. Retail prices remain about 5-10 cents higher than where they should be, based on current fundamentals."
 
Demand for gasoline has declined by 3.6 percent during the week ending October 13 as gasoline stocks continue to rise nationally. Oil prices gained almost a dollar last week after EIA reported a 5.7 million barrel decline in oil supply and a 1 million barrel drop in production.
 
Gas price trend website GasBuddy.com reports average gas price for the state was $2.36 a gallon, down 4.2 cents from the past week. The website reports Atlanta's price was the highest in the state at $2.41 and Augusta was the lowest at $2.26.
 
"The national average gas price is lower for the sixth straight week, the longest such decline since the summer of 2016," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Perhaps even more wild is that the national average has now remained under $3 per gallon for nearly 3 years, or 1,087 days as the days of cheap oil have continued. While recent actions from OPEC may cause oil prices to hold above the key $50 per barrel level, there is no threat of a quick return to the $3 per gallon days. In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after Harvey. The future isn't all roses, however- some areas of the Midwest have seen prices rise as refineries undergo seasonal maintenance and inventories in the region remain tight, keeping prices elevated. Regional hotspots like this may continue in the weeks ahead as gas stations come closer to fully passing along lower gas prices after Harvey and now become subject to new factors driving prices up and down."