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Georgia gas prices are now lowest of 2018

December 3, 2018--7:24 a.m.


The average price for gasoline in Georgia is now the lowest of the year. Sunday's state average of $2.29 per gallon is 6 cents less than the previous 2018-low of $2.35/g, set in January.

The average in Floyd County Monday morning was $2.17, according to AAA.

It was $2.19 in Bartow County, $2.11 in Gordon County, $2.16 in Chattooga County, and $2.35 in Polk County.

The state average has declined the past 51 consecutive days for a total of 52 cents. During the past week, prices dropped an average of 10 cents. Georgia drivers now pay 6 cents less than this time last year.

Georgia gas prices for the month of November averaged 25 cents per gallon less than in October. Despite falling gas prices, this was the most expensive November at the pump in four years. The monthly average price of $2.50/g was 12 cents more than November 2017, and 34 cents more than November 2016.

The average American is now finding the lowest gas prices of the year. The national average price for gasoline was $2.47 per gallon on Sunday. That's 9 cents less than last week, and 2 cents less than the previous 2018-low which was set back in January.

"Compared to when pump prices peaked in May, Americans are now saving an average of $5-$10 every time they go to the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows because there's so much oil in the global market and not enough demand to absorb it. OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut, in hopes of boosting oil prices. A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds."

Oil and Gasoline Dynamics

Domestic crude oil production remains at a record-high 11.7 million barrels per day; 21 percent more than last year

Domestic oil supply increased for the 10th consecutive week

Supply levels are the highest since this time last year
Gasoline production remains strong

Gasoline supplies are nearly 5 percent stronger than a year ago

Gasoline demand is steady

Exports of crude and refined fuels reached a new all-time high last week of 8.7 million barrels per day