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Gas prices trickle lower

June 5, 2018--7:57 a.m.

NEWS RELEASE

The summer driving season is in full swing, and it opened with the most expensive gas prices in four years. Fortunately, those prices at the pump are beginning to trickle lower.

The national average price of $2.95 per gallon is 2 cents less than last week. The discount at the pump is being driven by strong declines in the price of oil - which influences about half the price of gasoline.

Gas prices in Georgia declined 2 cents last week. The state average of $2.82 is 9 cents more than a month ago and 60 cents more than this time last year.

Crude oil prices hit 7-week lows last week as the dollar gained strength and U.S. oil rig count reached the highest level since March 2015. These factors compounded the downward pressure on crude - initiated when Russia and Saudi Arabia revealed an interest in raising crude output. The price of oil sank to $65.81 on Friday, after reaching a 4-year high of $72.24 per barrel just two weeks ago.

"Gas prices could drop 10-15 cents, based on recent oil price declines," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The discount will not happen overnight, because it usually takes a couple weeks for shifts like this to play out at the pump. However, any downward potential would be wiped out if futures prices suddenly bounce higher."