Gas prices continued their downward march toward $2 a gallon last week. The average price is $2.02 in Tennessee, $2.19 in Georgia, and $2.16 in Florida.
The average prices in Georgia is down five cents from a week ago.
On Sunday, the average price for a gallon of regular unleaded fell for the 26th consecutive day in Florida, for a total decline of 10 cents during that period. Pump prices in Georgia and Tennessee are also on a streak of declines, falling for the seventh and ninth consecutive days respectively, for a total of discount of 5 and 4 cents. Prices in all three states have fallen a full cent a day for the past three days.
“Gas prices are falling because of low demand and oil prices, but also improvements in gasoline supplies,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Florida cities remain well supplied and it appears the southeastern states that took a hit from the Colonial Pipeline outage a couple weeks ago have fully recovered since the restart. Gas prices should move another nickel lower this week, unless there are unexpected disruptions in supply or spikes in oil prices.”
Crude oil declined for the third consecutive week as the price for WTI fell another dollar on the NYMEX. Friday’s closing price of $43.41 a barrel is the lowest daily settlement since September 19. Oil prices are trending lower as the oil market grows increasingly skeptical that OPEC will be able to carve out any meaningful agreements on production cuts.
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