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Gas prices declining for now

October 29, 2018--8:24 a.m.

NEWS RELEASE

The average price in Georgia for a gallon of regular unleaded gasoline is $2.70, which is six cents less than last week, two cents less compared to last month, and 34 cents more than a year ago.

Gas prices are being pushed lower due to seasonal demand, winter-blend fuel, and falling crude prices.

As motorists settle into the fall driving season, which will likely decrease demand for cheaper-to-produce winter-blend gasoline, pump prices will likely continue to decline into next week. 

"Motorists are enjoying a discount at the pump," said Garrett Townsend, Georgia Public Affairs Director, AAA - The Auto Club Group. "Gas prices have been pushed lower by oil prices and gasoline supplies. Current market fundaments show that drivers could see another 10-15 cent drop in the price of gas over the next few weeks."

At the close of Friday’s formal trading session on the NYMEX, WTI decreased 26 cents to settle at $67.59. Crude prices have mostly fallen this week, following the release of EIA’s weekly petroleum report that showed crude inventories increased for the fifth consecutive week. Domestic crude inventories gained 6.3 million bbl to total 422.8 million bbl – a level not seen since the beginning of the driving season in June, according to EIA’s latest data. Continued growth in domestic crude bbl held in storage will likely cause prices to decline temporarily. However, with pending U.S.-imposed sanctions on Iran’s crude exports set to go into effect on November 4, lower crude prices may be short-lived as global supply tightens – amid robust global crude demand – later this fall.

On average, Georgia motorists spend $41 for a full tank of gasoline - $5 more than this time last year.

Average gas prices locally:

Floyd County - $2.62
Bartow County - $2.70
Gordon County - $2.70
Polk County - $2.73
Chattooga County - $2.60