Gas prices decline nationally for first time since Thanksgiving

ALBANY — For the first time since just after Thanksgiving, U.S. gas prices are nudging down. Experts, however, say the market will head back up as summer driving season nears and gas blends are changed for warmer weather.

On Monday, both AAA Daily Fuel Gauge Report and GasBuddy’s morning benchmark from their respective surveys of thousands of retail gas locations were within a tenth of a cent of each other, about $2.342 per gallon. That was down 2.5-3 cents from last week, depending on the survey.

Gas prices normally decline in January after the busy winter holiday travel period, but there had been upward pressure from OPEC’s agreement Nov. 30 to curtail production this year, which led to a strong crude oil market opening 2017.

“For the first time since November, the national average price for gasoline has fallen over the last week, helped by weak demand and rising gasoline inventories,” Patrick DeHaan, senior petroleum analyst for GasBuddy, said. “This downward trend is evident in over two-thirds of states but may take additional time to materialize in others, yet is a familiar pattern for late winter as refiners build inventories prior to the late-February start of refinery maintenance season and thanks to the year’s weakest demand occurring over the next four weeks.

“However, motorists shouldn’t expect the trend to last long. After the sweetness of Valentine’s Day roses and chocolates is gone, they will be in store for a jump at the pump as maintenance season begins and the long transition to summer gasoline becomes a pinch point, leading to gas prices that will mostly trend higher for two to three months.”

On Monday, the national average was 11.2-11.5 cents higher than last month, the surveys showed. And motorists were spending quite a bit more than on Jan. 16, 2015, when the national average hovered around $1.91. With a difference of about 43 cents per gallon, it costs more than $8.50 more for a 20-gallon fill-up compared to last year.

Georgia motorists fared better than the U.S. as a whole, with the state averaging $2.239-$2.243, depending on the survey. That’s down about a penny and a half in a week, but up 5.7 cents from last month. Last year, Georgia drivers were spending about $1.815 a gallon, which means they’re paying 42.5 cents more per gallon, also about $8.50 on a 20-gallon fill-up.

Closer to home, the five-county Albany metropolitan statistical area was second-lowest of the eight Georgia metro areas that AAA includes in its Daily Fuel Gauge Report with an average of $2.183, down 2.2 cents since last week, but up 4.5 cents over the past month. Last year, metro Albany drivers were spending $1.756 a gallon — a difference of 42.7 cents per gallon.

Augusta was the lowest Georgia metro area Monday at $2.163, and Macon was a close third at $2.184. Metro Savannah, at $2.274, edged Atlanta’s $2.27 for the highest average of the eight MSAs.