Gas prices continue slow descent in Georgia, nation

ALBANY — Despite continuing significant drops in oil prices, gasoline at the pump has slowly edged downward over the past three weeks, falling 1.7 cents a gallon nationally, 2.8 cents a gallon in Georgia and 3 cents a gallon in metro Albany, where gas Monday was among the least expensive among the state’s 15 metro regions.

The drop in the Albany metropolitan region is 16.7 cents a gallon lower than it was a month ago but still a significant 50.6 cents a gallon higher than this time last year, when the average price was $2.122 a gallon.

Nationally, average prices at the pump have fallen 7 cents since Memorial Day, and a similar amount in Georgia. However, the state’s average price is 57.1 cents a gallon higher than it was a year ago, according to AAA-The Auto Club Group and GasBuddy, two surveyors whose staff provide up-to-the-minute gasoline prices statewide and nationally based on thousands of retailer surveys.

Some officials said the downward direction of gasoline should continue.

“Pump prices should sink even lower this week, after wholesale gasoline prices took a dive,” Mark Jenkins, a spokesman for AAA, said. “There is now firm downward pressure on the oil market as it appears increasingly likely that OPEC will agree to ease production cuts. As a result, gas prices are poised for another 5-10 cent drop.”

Albany, whose average price Monday was $2.628, trailed Warner Robins ($2.621) and Augusta-Aiken ($2.623) as the metro areas with the least expensive gas in the state. The most expensive averages were in Atlanta ($2.80), Athens ($2.78) and Savannah ($2.75)

Even with the slow but steady decrease since Memorial Day, the national average is still 60.7 cents higher than a year ago.

“Average gas prices in the U.S. have fallen to their lowest in a month, following oil’s continued slump, as OPEC appears poised to adjust oil production levels and the U.S. nears hitting 11 million barrels of oil pumped per day, the highest level ever,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said. “Oil bulls may see their day again this summer, but the prospects of higher oil supply have diminished the value of oil for the time being, and that’s leading to what nearly every American has been rooting for — lower gas prices.

“While many are still bitter over having to pay more than last year, prices certainly could have moved higher if there hadn’t been pressure on OPEC to act now that the (previous) glut of crude oil has been absorbed into the market. We see gas prices falling slightly into late June or early July before odds rise during hurricane season, leading to some volatility at the pump, which could lead prices higher short-term.”