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January gas prices were the lowest in three years

February 4, 2019--7:55 a.m.

AAA NEWS RELEASE

Gas prices in Georgia slipped 2 cents during the past week. Drivers in Georgia are finding an average price of $2.14 per gallon. Although that's 7 cents more than a month ago, Sunday's state average remains 35 cents per gallon less than this time last year.

Georgia drivers enjoyed the cheapest January at the pump in three years. Last month, Georgia gas prices averaged $2.10 per gallon. That's 32 cents per gallon less than January 2018, and 13 cents per gallon less than January 2017.

"Motorists have benefited from strong global crude oil supplies, which have kept gas prices low so far this year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Last month, oil prices averaged about $10 less than in January 2018. However, oil prices are beginning to rise, as OPEC cuts and sanctions against Venezuela weigh on the market. These factors, in addition to rising demand, refinery maintenance season and the switch to summer-blend gasoline will eventually boost prices at the pump in the coming months. AAA still expects the national average to peak around $2.75 per gallon sometime before Memorial Day weekend."

The price of crude settled at $55.26 per barrel on the NYMEX last Friday. The daily settlement was nearly $2/b more than the week before.

Local averages on Monday according to AAA were $2.10 in Floyd County, $2.15 in Bartow County, $2.11 in Gordon County, $2.03 in Chattooga County and $2.13 in Polk County.