Gas prices fall for fifth week

ALBANY — Gas prices are continuing to drop ahead of the Christmas and New Year’s Day holidays, but when the driving season returns next year, motorists may find themselves looking back at 2017 pump prices and singing “Auld Lang Syne.”

Surveys Monday by AAA Auto Club Group and GasBuddy saw a nationwide drop of 1.4-2 cents a gallon over the past week, with AAA finding the U.S. average on Monday at $2.462 and GasBuddy pegging it at $2.45.

“Seasonal trends like reduced gasoline demand and increased fuel supply are allowing pump prices to keep moving lower,” Mark Jenkins, a spokesman for AAA, said. “The first half of December is normally characterized by weak demand, as cold weather and shorter days cause Americans to drive less.

“Look for another week of declines as refineries continue to produce gasoline at a much higher rate than what is being consumed.”

Prices in the Great Lakes area were among the few locations that bucked the trend of falling pump prices, Patrick DeHaan, head of petroleum analysis for GasBuddy, said.

“Thank a large build in gasoline inventories and gasoline demand numbers that have finally seen a reprieve from levels that were more consistent with summer months than autumn,” DeHaan said of the falling prices. “With OPEC extending its oil production cuts, there is solid evidence that U.S. oil producers will fill in at least some of the void with rig counts remaining strong.”

AAA officials, noting it was the fifth straight week of price declines, said gasoline inventories rose by 6.78 million barrels last week, which they said was the biggest increase since January. Domestic crude oil production moved above 9.7 million barrels per day for the first time since 1971. AAA officials said analysts with the Oil Price Information Service believe a barrel of oil, which settled down $1 at $57.36 on Friday, could fall to $50 during the winter because of lighter global demand.

But drivers shouldn’t expect many bargains at the pump next year, DeHaan said.

“As the focus continues to broaden beyond the rest of the year, motorists who found this year’s gas prices high may want to begin setting aside some additional funds for next year as all signs continue to point to higher prices than this year,” DeHaan said.

Compared to last month, U.S. prices were about a dime lower, the surveys found, but they were about a quarter a gallon higher than last December.

AAA had the Georgia average Monday at $2.321, down 2.1 cents from last week, while GasBuddy’s Monday number, $2.318, was flat with last week. Those averages are 7-9 cents a gallon below last month, depending on the survey, and about 13 cents higher than last year.

Of the 15 Georgia metro areas included on AAA’s survey, the five-county Albany MSA was fourth-lowest in the state Monday at $2.243, down 2.2 cents in a week and 10.7 cents below last month. Compared to last year, the average is up 7.7 cents a gallon.

The Dalton and Catoosa-Dade-Walker metro areas were tied for lowest Monday at $2.222, followed by Warner Robins at $2.23. The highest average was in Brunswick at $2.341.