Average prices for a gallon of regular unleaded in Georgia declined over the week ending Sunday, according to both AAA and GasBuddy.
AAA reported an average of approximately $2.35 per gallon in Georgia, two cents lower than last week. GasBuddy's survey for Sunday prices in Georgia indicated an average of about $2.31, also a two cent drop over the previous week.
The two groups that collect data on fuel prices also recorded a drop in the national average over the week. The average across the country Monday was $2.48, a three cent drop over the past week, according to AAA. GasBuddy's national average was $2.46 a gallon, a decrease of 3.5 cents over last week.
Officials with both groups had been watching Thursday's meeting between OPEC and some non-OPEC producers led by Russia.
"With OPEC deciding last week to extend last year's agreement on oil production cuts, the future for gasoline prices isn't as rosy," Patrick DeHaan, head of petroleum analysis for GasBuddy said. "While the short term may feature more modest price decreases in many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC's extension."
The experts will keep a close eye on domestic oil production investment in 2018, to gauge how much OPEC's announcement will impact the market, according to AAA.
"Oil prices are at their highest point of the year, preventing the typical seasonal plunge at the pump. Any strong gains in oil this week should push pump prices higher," Mark Jenkins, spokesman, AAA - The Auto Club Group said. "However, the overall story this month should be lower gas prices, as demand declines. That's because Americans drive less in the winter due to shorter days and cooler weather."
The most expensive average gas price in Georgia was in Savannah for the week, at $2.39, according to AAA. The cheapest average was in Dalton at $2.25.
