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Gas prices slide on declining demand

September 24, 2018--7:45 a.m.

NEWS RELEASE

Gas prices edged lower last week. Sunday's national average price of $2.85 per gallon was one-tenth of a cent less than the week before. However, the average American is still paying 27 cents per gallon more than this time last year.

Gas prices in Georgia declined 1-cent during the past week. Sunday's state average of $2.71 per gallon is 1-cent more than a month ago and 3 cents more than this time last year.

"Even though oil prices rose last week, prices at the pump slipped lower because of declines in gasoline demand," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The latest figures from the EIA show weekly demand hitting 4-week lows. Combining this autumn trend with the recent switch to a cheaper-to-produce winter-blend gasoline, and prices at the pump could move even lower this fall. However, upward pressure persists due to concerns that there could be major crude supply challenges this fall, due to US-led sanctions against Iranian crude and sharp reductions in economically-stressed Venezuela."  

Average gas prices locally, according to AAA:

Floyd County - $2.60

Bartow County - $2.74

Gordon County - $2.69

Chattooga County - $2.63

Polk County - $2.75