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Georgia gas prices challenge 2018 lows

November 26, 2018--7:14 a.m.

Staff reports

Georgia gas prices are quickly approaching the lowest prices of the year, and motorists should see additional discounts this week.

Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent - amid concerns that strong global oil production will overpower demand. 

Gas prices in Georgia are closing in on the lowest of 2018. Sunday's daily average of $2.39 per gallon is 4 cents higher than this year's lowest price, established on January 1.

The Georgia state average has declined a total of 41 cents in the past 44 days. During the past week alone, it dropped 9 cents.

According to AAA, the average price for a gallon of regular unleaded in Floyd County was $2.26 Monday morning.

It was $2.30 in Bartow County, $2.27 in Gordon County, $2.25 in Chattooga County and $2.43 in Polk County.

Sunday's national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March.

The U.S. average price was 7 cents more than this year's low, of $2.49 set in January. However, the national average should drop below that point within the next week.

"Last week's crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Motorists should see another 5-15 cent drop at the pump as a result.

These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year."