AAA Auto Club Group has good news for Georgia drivers in this week's fuel price report - gas prices in the state have declined for the ninth consecutive week, for a total discount of 62 cents.
Pump prices averaged $2.18 per gallon on Sunday, 3.5 cents less than a week ago, about 32 cents less than last month, and 12 cents less than last year. Georgia motorists are saving nearly $10 on a full tank of gas, compared to what they paid in the summer. Sunday's state average is also 9 cents per gallon less than what drivers paid on Christmas Day 2017.
"Holiday travelers will have more jingle in their pockets after they fill-up the family vehicle," said Mark Jenkins, AAA spokesman. "Prices are already at 2-year lows for the holidays, and should slip even lower in the next two weeks. Oil prices have been unable to gain significant upward momentum after OPEC announced plans to cut production. The price of crude declined last week and should drop again this week, because industry analysts are skeptical that OPEC's plan could rebalance what is currently an oversupplied market. If oil prices drop even further this week, that would reduce the cost of producing gasoline and allow additional price cuts at the pump."
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Hinesville-Fort Stewart ($2.36), Brunswick ($2.28), and Savannah ($2.27)
- Least expensive gas price averages: Catoosa-Dade-Walker ($2.04), Dalton ($2.06), and Rome ($2.07)
- The average gas price in Hall County: $2.18
Gas prices across the U.S. declined another four cents last week, and should decline even more through the end of the year, as futures prices are forecast to decline this week. AAA said the numbers are good news for the estimated 102.1 million Americans forecast to take a holiday road trip in the next two weeks. Those drivers are saving $5-$15 on a full tank of gas compared to last summer, and should find the lowest holiday gas prices in two years.
AAA Fuel Fundamentals
- Oil inventories declined a modest 1.2 million barrels (-0.1%). U.S. stocks remain 7 percent above the five year average for this time of year.
- Gasoline supplies grew nearly 1-percent, and are slightly above year-ago levels.
- Domestic oil production took a small step back, yet remains about 20 percent stronger than a year ago.
- Gasoline production took a giant leap as refiners ramp up for holiday travelers. Production rates are 8 percent stronger than a week ago, yet on par with this time last year.
- Implied gasoline demand rose nearly 2 percent, and is keeping pace with this time last year.