Albany gas stays below $2 per gallon average

ALBANY — With gas averaging less than $2 a gallon in metro Albany, record-high oil production should keep the relative bargain at the pump going this year, gas price experts say.

“The entire landscape for gas prices has changed in a year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “People went from squirming at the thought of potentially paying $4 for gasoline, to wondering how soon is too soon to fill their gas tanks so they can get the lowest possible price at the pump?

“The answer remains, ‘tomorrow is the best day to buy gas,’ because prices are getting cheaper every day.”

According to AAA’s Daily Fuel Gauge Report, regular-grade gas was averaging $2.199 nationally, a whopping $1.118 below the price for Jan. 5, 2014. Georgia motorists were seeing a lower price than that at $2.186, down $1.046 from last year.

Meanwhile, metro Albany opened the week as the lone Georgia metro area of the eight that AAA monitors each day with an average price below $2 a gallon — $1.938. That’s $1.318 per gallon less than metro Albany motorists were paying on Jan. 5, 2014, and at several stations in East Albany Monday morning gas was selling below $1.90 even without use of a loyalty card or cash payment.

On a 17-gallon fill-up, Albany motorists were paying an average $22.41 less than a year ago.

Metro Macon had the next lowest average — $2.041 — while metro Atlanta was highest at $2.239.

AAA noted that U.S. oil production is at its highest level in three decades, which has gutted crude oil and gasoline prices. West Texas Intermediate (the U.S. benchmark) began 2014 at $95.44 a barrel on the NYMEX. WTI peaked at $107.26 on June 20, before falling to $53.27 last week on New Year’s Eve, the lowest price since May 2009. Crude prices have been below $100 a barrel since the end of July. On Monday, U.S. crude closed at $50.04 after dropping as low as $49.77 during the day. The closing was lowest since late April 2009.

“This year promises to provide much bigger savings to consumers as long as crude oil remains relatively cheap,” Jenkins said. “It would not be surprising if U.S. consumers save a total of $50-$75 billion on gasoline in 2015 if prices remain low.”

The Energy Information Administration forecasts the national average price for a gallon of regular unleaded to be $2.60 – 74 cents below last year’s average.