Georgia gas prices are on the decline, but prices are still high - AAA reports the statewide average of $2.76 a gallon is four cents less than week ago but motorists are still paying four cents more than last month.
And, AAA said our prices are 36 cents higher than this time last year in their weekly fuel price report.
Fuel tracking website GasBuddy.com reported similar numbers. Their reports indicate prices fell 3.8 cents to an average of $2.71.
The reports also show prices 35.7 cents higher per gallon a year ago, and 5.3 cents higher than last month.
AAA crowned Atlanta with the highest prices at $2.80, with GasBuddy reporting a similar high at $2.78. Athens came in second highest at $2.79. The lowest price was in Augusta-Aiken at $2.65.
In Hall County, AAA's fuel price tracker showed the average price is $2.72 as of Monday.
"Motorists are getting a welcome reprieve from high prices at the pump," said Mark Jenkins, spokesman for AAA. "Gas prices have been pushed lower by oil prices, which significantly declined during the past two weeks. The market is responding to strong gains in domestic oil supplies, easing global supply concerns. Motorists can expect additional declines at the pump if oil prices drop again this week."
The crude market saw mostly losses last week following EIA’s weekly petroleum report, which showed domestic crude inventories grew by 6.5 million barrels. Total crude inventories now sit at 416.4 million barrels, marking the fourth week of consecutive growth and highest level since late June. The larger-than-expected growth in crude levels jolted the market, which had seen prices steadily rising due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran’s crude exports.
"Much of the country continues to enjoy broad decreases in gas prices as oil prices drop to $69 per barrel. In fact, with the exception of the West Coast where an earlier natural gas pipeline shut down caused prices to up, nearly every state saw prices move lower," said Patrick DeHaan, head of petroleum analysis at GasBuddy. "The Great Lakes has seen prices drop 30-50 cents per gallon at individual stations since the start of October, leading decliners. The fall relief that has been expected for weeks has finally arrived. Gasoline economics typically weaken shortly after summer, but we experienced somewhat of a delay due to concern over Iran sanctions and OPEC production, but seemingly the market has become more concerned with other factors, and thus far, the affect on motorists has been lower gas prices. While Great Lakes states may see prices bounce of current lows in the week ahead, much of the rest of the country will likely see additional downward movement," DeHaan added.
The national average was $2.85 according to AAA Sunday.
http://accesswdun.com/article/2018/10/726343/georgia-gas-prices-decline-four-cents-but-remain-higher-than-last-month