‘Tis the season of continued falling gas prices

ALBANY — As Black Friday, Small Business Saturday and Cyber Monday drew shoppers to retailers across the country, the spenders celebrated having more money in their pockets as gas prices continued their rapid move downward over the past week.

Prices at the pump dropped 8.4 cents a gallon in Georgia, 7.8 cents a gallon across the country and a whopping 9.4 cents a gallon in metro Albany. Southwest Georgia drivers were paying an average of $2.299 a gallon on Monday, down from $2.393 a week ago. That price trailed only Rome ($2.26) and Dalton ($2.26) as the lowest in the state, according to surveyors AAA-The Auto Club Group and GasBuddy.

“The $1.99 club has seen its membership swell in the last week with the number of states with stations priced at that level or lower spiking to 18,” Patrick DeHaan, the head of petroleum analysis for GasBuddy, said in a news release. “Texas, New York, Missouri, Louisiana, Ohio, Oklahoma, South Carolina, Alabama, Mississippi, Michigan, Virginia, Arkansas, Kansas, Kentucky, New Mexico, Ohio, Tennessee and Illinois all have at least one station at $1.99 or less, and the good news is it won’t end there.

“Oil prices have seen another weekly rout, with WTI crude oil shedding over $6 per barrel, or some 14 percent, to close the week at a mere $50 per barrel. While many may be a skeptic of the White House taking some credit, the Trump administration’s reluctance to punish Saudi Arabia for its role in the murder of Jamal Khashoggi is likely leading Saudi Arabia to push against large cuts in crude oil production, fearing potential fallout from Trump. In the week ahead, motorists in most states will likely see further drops, saving the country $125 million a day versus prices in early October.”

Georgia gas prices are quickly approaching the lowest prices of the year, and motorists should see additional discounts this week. Prices in the state are closing in on the lowest of 2018. Sunday’s daily average is 4 cents higher than this year’s lowest price, established on Jan. 1. The Georgia state average has declined a total of 41 cents in the past 44 days.

Average prices are at or near the lowest of the year in metro areas like Albany, Atlanta, Columbus, Dalton, Gainesville, Rome, and Valdosta. The state’s most expensive gas averages Monday were in Hinesville-Fort Stewart ($2.58), Brunswick ($2.51) and Savannah ($2.47).

“Last week’s crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump,” AAA’s Mark Jenkins said. “Motorists should see another 5-15-cent drop at the pump as a result. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year.”

Some fuel notes of interest as the Christmas/New Year season approaches:

— Crude oil prices plunged another $6 per barrel last week — the equivalent of about 15 cents at the pump;

— Friday’s daily settlement of $50.42 per barrel is the lowest since October 2017;

— Domestic crude production holds steady at 11.7 million barrels per day (a record high);

— The U.S., Russia and Saudi Arabia are all producing crude at record levels;

— Crude oil supplies increased again, by 1.1 percent (a ninth consecutive weekly gain);

— Gasoline dropped another 19 cents on the futures market;

— Wholesale gasoline dropped another 5 cents last week;

— Gasoline demand is also relatively steady;

— Gasoline production was slightly lower than the week before;

— Gasoline supply remains strong for the fall, 10 percent better than this time last year.