Georgia gas prices declined by almost a full cent during the past week. Sunday's state average was $2.22, according to AAA. The state average is 5 cents less than this time last year.
Georgia's state average is 2 cents less than a month ago, and 5 cents less than this time last year. Summer gas prices averaged $2.11 last year, and $2.57 the year before.
Prices are highest in Atlanta at $2.25 a gallon, Savannah at $2.23 and Columbus at $2.20. The lowest prices were in Augusta-Aiken, with prices at $2.10 a gallon, Macon at $2.15 and Albany at $2.16.
The national average price for gasoline was one cent higher than a week ago, averaging $2.38.
Gasoline demand reached record highs during Memorial Day weekend, according to data provided by the EIA. That combined with another week of declining crude inventories was still not enough to boost oil prices. The price of WTI settled at $47.66/b on Friday - the lowest daily settlement in three weeks. The market will likely stay at current levels until there are more significant draws in supplies.
Reuters reports that the market moved lower in response to President Trump's decision to withdraw from an international climate accord, which speculators believe would spur further domestic production and contribute to a persistent global oversupply. U.S. oil production climbed again last week, hitting 9.34 million barrels per day - the highest level since August 2015. U.S. drillers added 11 rigs last week, setting a new record of 20 consecutive weeks of growth.
"This bearish sentiment sets the stage for lower prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "How the market responds this week will be a strong indicator for where gas prices will go this summer. As it stands right now, summer gas prices should remain at or below last year's levels."
