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Gas prices drop again, more declines to come

December 17, 2018--8:07 a.m.

Staff reports

Gas prices in Georgia have declined for the ninth consecutive week, for a total discount of 62 cents. Gas prices averaged $2.18 per gallon on Sunday, 3.5 cents less than a week ago, about 32 cents less than last month, and 12 cents less than last year. Georgia motorists are saving nearly $10 on a full tank of gas, compared to what they paid in the summer. Sunday's state average is also 9 cents per gallon less than what drivers paid on Christmas Day 2017.

"Holiday travelers will have more jingle in their pockets after they fill-up the family vehicle," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Prices are already at 2-year lows for the holidays and should slip even lower in the next two weeks. Oil prices have been unable to gain significant upward momentum after OPEC announced plans to cut production. The price of crude declined last week and should drop again this week because industry analysts are skeptical that OPEC's plan could rebalance what is currently an oversupplied market. If oil prices drop even further this week, that would reduce the cost of producing gasoline and allow additional price cuts at the pump."  

On Monday the average price for a gallon of regular unleaded in Floyd County was $2.05, according to AAA.

It was $2.06 in Gordon County, $2.11 in Bartow County, $2.22 in Polk County and $2.07 in Chattooga County.

Gas prices across the U.S. declined another 4 cents last week and should decline even more through the end of the year, as futures prices are forecast to decline this week. This is good news for the estimated 102.1 million Americans forecast to take a holiday road trip in the next two weeks. Those drivers are saving $5-$15 on a full tank of gas compared to last summer and should find the lowest holiday gas prices in two years.