Gas prices continue holding steady in Georgia
February 11, 2019--7:46 a.m.
Drivers are paying an average price of $2.14 per gallon - down fractions of a cent from last week. The state average has ranged between $2.14-$2.17 for the past 20 consecutive days.
Georgia ranks 18th for the least expensive gas prices among all 50 states and the District of Columbia. Despite averaging 10 cents higher than this year's low, the state average remains 32 cents less than this time last year.
Local averages Monday morning were $2.09 in Floyd County, $2.14 in Bartow County, $2.12 in Gordon County, $2.03 in Chattooga County, and $2.13 in Polk County.
Gas prices around the United States rose an average of 2 cents, during the past week. The national average price for regular unleaded is $2.28 per gallon.
"Drivers continue to find gas prices that are well below what they paid this time last year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Low oil prices have helped keep gas prices relatively low, so far this year. However, prices should bounce higher this spring, as demand climbs and refineries switch to a more expensive-to-produce summer-blend gasoline. AAA forecasts the national average to peak around $2.75 per gallon by Memorial Day weekend."
Crude oil prices trended lower last week. The US benchmark WTI settled at $52.64 per barrel on Friday - $2.62 per barrel less than the week before. This was the first weekly decline in crude oil prices in five weeks. Concerns reemerged late last week, that the ongoing US-China trade war could slow global demand. This overshadowed optimism in the market that OPEC cuts and sanctions against Venezuela exports are helping to balance global supplies. So far this year, the highest daily settlement of WTI was $55.26 per barrel on February 1.