Gas prices dip 3 cents in Georgia; 12 cents higher than a year ago

 

Media release:The national average for regular retail gasoline remains stable for the fourth consecutive day at $3.90 a gallon, 2 cents less than last week. Whereas the price of a barrel of oil closed Friday on the New York Mercantile Exchange (NYMEX) at $102.83 a barrel—19 cents less than the week prior. Oil prices have steadily decreased since the year-to-date high of $109.77 a barrel on February 24.

Oil and gas prices have showed some stability with minimal decreases throughout the past few weeks after multiple reports have shown slow economic growth in China, increased value of the U.S. dollar, and easing tensions with Iran. On Saturday, members of the United Nations met with Iran in Turkey to discuss a compromise in regard to Iran's nuclear efforts. This was the first meeting with Iran in 15 months and leaders called the meeting "constructive." Members of the United Nations and Iran are scheduled to meet again on May 23.

As a result of the meeting, the European Union (EU) has been asked to delay its July 1 sanction to ban oil imports from Iran in an effort to increase the probability of a positive meeting on May 23. The EU has yet to comment on whether or not they will postpone the embargo.

"The seemingly amicable talks with Iran on Saturday are likely to further ease tensions over the concern Iran will block the Strait of Hormuz and cut off a large portion of global oil supply. The lessened concern with Iran coupled with slow economic growth in China, and ample supply will very likely cause gas prices to drop," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "This is positive news for motorists who may start to see some relief at the pump as the summer driving season approaches."

The national average price of regular unleaded gasoline is $3.90, a 2-cent decrease from last week. Florida's average of $3.94 and Georgia's average of $3.83 both decreased 3 cents from last week. Tennessee's average price of $3.77 also dropped 2 cents from last week, respectively. Visit AAA's Daily Fuel Gauge Report to find national, state, and local metro market retail gasoline prices.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

                        Current              Week Ago         Month Ago        Year Ago

National:           $3.907              $3.929              $3.831              $3.818

Florida:             $3.941              $3.970              $3.818              $3.825

Georgia:           $3.831              $3.863              $3.716              $3.711

Tennessee:       $3.775             $3.793              $3.643              $3.658