Gas prices slip as crude stocks swell
October 22, 2018--9:08 a.m.
Georgia gas prices have steadily declined for the past 9 days - for a total of 5 cents.
Sunday's state average of $2.76 per gallon is 4 cents less than a week ago.
However, Georgia motorists are paying 4 cents more per gallon than last month, and 36 cents more than this time last year.
On average, Georgia motorists spend $41 for a full tank of gasoline - $5 more than this time last year.
"Motorists are getting a welcome reprieve from high prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "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 bbl, 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.
According to AAA, gas price averages were $2.69 in Floyd County, $2.74 in Bartow, $2.73 in Gordon, $2.68 in Chattooga and $2.74 in Polk County.