Season gas price declines likely to reverse in February

ALBANY — Gas prices were continuing their seasonal decline Monday, with one fuel price survey showing the lowest average price among Georgia’s eight largest metro areas in Albany.

Metro Albany — comprising Dougherty, Lee, Worth, Baker and Terrell counties — had an average gas price of $2.101 on Monday, 1.4 cents cheaper than No. 2 Augusta on AAA Auto Club’s Daily Fuel Gauge Report. That was 7.1-7.5 cents below the state average, depending on competing surveys, and 16.7-27.3 cents below the national average.

Market experts, however, say consumers can expect to see a reversal of the trend in February.

“Falling gas prices are normal for this time of year,” Josh Carrasco, a spokesman for AAA, said. “Low seasonal demand combined with increases in domestic production has pushed fuel prices lower.

“We should continue to see gas prices trend downward to wrap up the month, but should expect an uptick in prices at the pump in February, due to refinery maintenance season.”

Patrick DeHaan, senior petroleum analyst for GasBuddy, an organization that, like AAA, surveys thousands of retail gas outlets nationally, said Monday that the U.S. average had declined 22 straight days, adding it was “the longest such streak since last summer.”

“Average prices now stand at their lowest thus far in 2017 and the lowest since before Christmas, thanks primarily to weak demand for gasoline and also bulging inventories of gasoline,” DeHaan said. “Soaking weather on the West Coast has certainly dampened motorists’ appetite for gasoline, while in the Midwest, weak demand has led to a surplus of winter gasoline, leading some stations in the region to offer the nation’s lowest price: $1.52 can be found at a gas station in Oxford, Ohio.

“But before motorists celebrate such cheap gas, the sweet deal likely won’t stick much longer, as we’ve been waiting since last week to see such loss-leaders disappear. However, we may continue to see the national average moderate during the next week, with the exception of the Great Lakes, where a price adjustment of sorts is still expected.”

Averaging the two surveys, the motorists nationally were paying $2.271 Monday morning, a drop of about 3.2 cents in a week and about 4.8 cents in a month. Compared to last year, however, U.S. drivers are paying about 46.7 cents more per gallon, roughly $9.33 cents more on a 20-gallon fill-up.

In Georgia, the average of the two surveys Monday was $2.174, down 3.4 cents in a week and down 4.5 cents from last month. Again, 2016 prices were a much better bargain at $1.736, 43.8 cents less.

Metro Albany motorists on Monday were paying 2.7 cents less than a week ago and were saving 5.2 cents per gallon compared to last month. Compared to Jan. 30, 2016, however, local motorists were paying 39.7 cents more, slightly less than $8 more on a 20-gallon fill-up.

The highest average among Georgia’s metro areas, according to the AAA Daily Fuel Gauge Report, was in Savannah, where drivers were paying $2.228 on Monday.