Gas prices lowest they’ve been all year

ALBANY — The average price for gasoline in the state of Georgia is now the lowest it’s been all year, and drivers in metro Albany continued to see the price they pay fall as the Christmas holidays neared.

At $2.276 per gallon for regular gasoline at the pump, the state average is now more than 7 cents less than the previous 2018 low of $2.35 per gallon established in January. The news was even better in Southwest Georgia, as the price fell 11.3 cents per gallon in the region, to $2.186, according to surveyors GasBuddy and AAA-The Auto Club Group.

“Compared to when pump prices peaked in May, Americans are now saving an average of $5-$10 every time they go to the pump,” AAA spokesman Mark Jenkins said in a news release. “Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows because there’s so much oil in the global market and not enough demand to absorb it.

“OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut in hopes of boosting oil prices. A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds.”

The lowest prices among metro areas in Georgia Monday were in Dalton ($2.15), Rome ($2.17), and Warner Robins ($2.18). The most expensive averages were in the Hinesville-Fort Stewart ($2.52), Brunswick ($2.41) and Savannah ($2.38) metro areas.

The state average price has declined the past 51 consecutive days for a total of 52 cents. During the past week, prices dropped an average of 10 cents. Georgia drivers now pay 6 cents less than this time last year. The national average price was $2.459 per gallon on Monday. That’s 10 cents less than last week and 3 cents less than the previous 2018 low.

“Motorists finally have something to be excited about: gas prices plummeting, with at least one gas station in 27 states offering a gallon of gasoline at $1.99 per gallon or less,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said. “The national average stands at its lowest point of 2018, having fallen nearly 50 cents since the start of October, keeping nearly $200 million in the pockets of Americans every single day, acting as an economic stimulus ahead of the holidays.

“While OPEC will be meeting this week to discuss the possibility of cutting oil production in light of the $25-per-barrel drop in prices since October, Americans will likely see falling prices at least for one more week. In addition, the promise of a trade deal with China may boost confidence in the economy, pushing global oil demand back up and driving prices higher.”

Oil and gasoline dynamics:

— Domestic crude oil production remains at a record-high 11.7 million barrels per day; 21 percent more than last year;

— Domestic oil supply increased for the 10th consecutive week;

— Supply levels are the highest since this time last year;

— Gasoline production remains strong;

— Gasoline supplies are nearly 5 percent stronger than a year ago;

— Gasoline demand is steady.