Gas continues decline; Albany has lowest prices

ATLANTA — Albany continued its three-week run with the lowest gas prices among metro areas in the state over the past week, coming in at $2.27 Monday, four cents cheaper than runner-up Macon’s $2.31.

Prices were down across the state, according to surveys compiled by both AAA — The Auto Club Group and GasBuddy. The former had the drop at 4.5 cents per gallon, the latter 4.2 cents. AAA had the average price of regular gasoline at $2.395, while GasBuddy’s average was slightly lower at $2.36.

Georgia’s average price, which had been at $2.68.5 a month ago, continued to fall below the national average after eclipsing it in the wake of Hurricanes Harvey and Irma. The national average dropped 1.6 cents to $2.44, according to GasBuddy and $2.45.7, according to AAA.

Georgia prices are still 18 cents higher than they were pre-Harvey.

Among metro areas in the state, the Augusta area followed Albany and Macon among the regions with the lowest prices, coming in at $2.32. Savannah, Atlanta and Athens had the highest average prices, coming in at $2.44, $2.43 and $2.42, respectively. Columbus, Macon and Brunswick had the largest decreases during the previous week, dropping 6 cents a gallon each.

Gasoline stocks continue to rise across the nation, as weekly demand declined by 3.6 percent during the week ending Oct. 13, according to the latest report from the Energy Information Administration. Meanwhile, oil prices gained almost a dollar last week after the EIA reported a 5.7 million-barrel decline in oil supply and a 1 million-barrel drop in production.

“Motorists should expect another round of discounts at the pump this week,” said Mark Jenkins, a spokesman for AAA . “Gasoline futures and wholesale prices gained some strength last week, but not enough to stop the pump price plunge. Retail prices remain about 5-10 cents higher than where they should be, based on current fundamentals.”

A GasBuddy spokesman offered a similar assessment.

“The national average gas price is lower for the sixth straight week, the longest such decline since the summer of 2016,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Perhaps even more wild is that the national average has now remained under $3 per gallon for nearly three years, or 1,087 days as the days of cheap oil have continued. While recent actions from OPEC may cause oil prices to hold above the key $50 per barrel level, there is no threat of a quick return to the $3-per-gallon days.

“In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after Harvey. The future isn’t all roses, however. Some areas of the Midwest have seen prices rise as refineries undergo seasonal maintenance and inventories in the region remain tight, keeping prices elevated. Regional hotspots like this may continue in the weeks ahead as gas stations come closer to fully passing along lower gas prices after Harvey and now become subject to new factors driving prices up and down.”