Georgia gas prices dip by almost 4 cents a gallon

 

Media release: A barrel of oil rose to its highest settlement since July to close Friday at $93.32 a barrel on the New York Mercantile Exchange (NYMEX)—$5.92 more than the week prior. The last time oil traded higher than $90 a barrel was on July 29, when it settled at $95.70 on the NYMEX. At that time, the national average price for a gallon of regular retail gasoline was $3.83, a quarter more than today's average.

Oil prices increased last week after reports showed the U.S. economy grew more than expected in the third quarter and European leaders came to an agreement on how to solve Europe's debt issues. The U.S. economy expanded by 2.5 percent in the third quarter of this year, up from the 1.3 percent growth seen in the second quarter. The consumer sentiment index also showed slight improvements for the month of October, moving from 59.4 in September to 60.9 this month, according to a Thomson Reuters/University of Michigan report. 

"Oil prices continue their upward trend as positive U.S. economic news is released at the same time European leaders are showing optimism on a resolution to correct the European debt crisis," said Jessica Brady, AAA spokesperson, The Auto Club Group. "Both oil and gas prices are expected to rise this week as demand for heating oil increases after the Northeast region of the U.S. was hit with the worst snowstorm in 32 years."

The national average price of regular unleaded gasoline is $3.44 per gallon, 1-cent less than last week. Florida's average price of $3.42 decreased 4 cents from last week. While both Georgia's average price of $3.37 and Tennessee's average price of $3.27 fell 3 cents from last week, respectively.  

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

                                    Current           Week Ago      Month Ago     Year Ago    

National:                   $3.446        $3.456                 $3.445            $2.808

Florida:                      $3.424          $3.460                  $3.418             $2.792

Georgia:                     $3.371          $3.408               $3.295             $2.679

Tennessee:               $3.276          $3.306             $3.247              $2.635

AAA's Daily Fuel Gauge Report (fuelgaugereport.com) is updated each day and is the most comprehensive; reflecting actual prices from credit card transactions within the past 24 hours at two-thirds (100,000 stations) of the gasoline stations in the U.S. Its accuracy is unparalleled.