Georgia gas prices down another 6 cents; 32 cents lower than a year ago

Media release: The continued decrease in retail gas prices helped make this year's unofficial start to the summer travel season much more affordable for motorists. Although prices remain above $3 a gallon, motorists in Florida, Georgia, and Tennessee paid an average of 30 cents less a gallon than they did during last year's Memorial Day weekend. Although pump prices continue to fall, the price of a barrel of oil remained relatively unchanged last week after two reports placed some bullish pressure on the market.
 
Last week's meeting between members of the United Nations and Iran failed to result in a deal over the country's nuclear program, causing the group to schedule a follow-up meeting in mid June.  However, Iran allowed the International Atomic Energy Agency to inspect their nuclear facilities and an 11-page report, released after the inspection, stated Iran nearly doubled its amount of enriched uranium since February. This news coupled with a Thomson Reuters/University of Michigan report that concluded consumer sentiment in the U.S. is up the most since 2007, placed enough upward pressure on oil prices to keep it above the technical price of $90 a barrel. The price of a barrel of oil closed last week on the New York Mercantile Exchange at $90.86—62 cents less than the week prior.
 
"While Europe's financial issues still weigh heavy on the market, some bullish news has come to light that could cause oil prices to increase this week," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Just because oil prices may inch up this week, doesn't mean we're going to see a spike in retail gas prices. At this point, it looks like pump prices will continue to fall at a steady pace as we enter June."

The national average price of regular unleaded gasoline is $3.64, 5 cents less than last week. Florida's average of $3.48 and Tennessee's average of $3.34 both decreased 7 cents from last week. And, Georgia's average price of $3.40 fell 6 cents from last week, respectively. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

Regular Unleaded Gasoline

                                Current                  Week Ago             Month Ago           Year Ago

National:                                 $3.645                         $3.690             $3.826                 $3.809

Florida:                                    $3.480                         $3.553             $3.827                 $3.761

Georgia:                                   $3.403                         $3.464             $3.705                 $3.724

Tennessee:                              $3.342                        $3.413             $3.678                 $3.618  

Next Fuel Price Brief:  Sunday, June 3, 2012

  

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