ATLANTA, Ga., (December 21, 2018) — Christmas came early for millions of Americans hitting the road for the holidays. Gas prices, which are already at 2-year lows for this time of year, should drop even lower in the coming days; after the price of oil and wholesale gasoline tumbled on Thursday.
Gas prices in Georgia are 11 cents less than the average price on Christmas Day 2017. Although the state average is $2.16 per gallon, Georgia motorists are finding pump prices well below $2 a gallon at various filling stations throughout the state.
On average, Georgia drivers are paying $10 less for a full tank of gasoline, compared to when prices peaked last summer. During the past 10 weeks, pump prices plunged an average total of 64 cents. The state average could shed another 10 cents, before fully adjusting to recent crude price drops.
AAA forecasts nearly 3 million Georgians will take a road trip between now and New Year’s Day. An additional 120,000 drivers are expected on the road, compared to last year’s holiday season. That does not include travelers from out-of-state.
- Georgia’s daily average price is the lowest since July 2017
- Travelers will find the lowest holiday gas prices in two years
- 3 million Georgians will travel by automobile during the year-end holidays
- The average cost for a full tank of gas is $10 less than what motorists paid in the summer
- Today’s most expensive metro markets: Hinesville-Fort Stewart ($2.33), Savannah ($2.25), Brunswick ($2.22)
- Today’s least expensive metro markets: Catoosa-Dade-Walker ($1.99), Dalton ($2.04), Warner Robins ($2.05)
- Click here to view AAA’s state and metro gas price averages
An estimated 102.1 million Americans are forecast to travel via automobile between now and New Year’s Day. Nationwide, the average price for gasoline is $2.35 per gallon and falling (check today’s price). Americans are paying $9 less for a full tank of gas, than they did when prices peaked in the summer. The national average has declined 13 cents this month, and a total of 55 cents since mid-October.
“A holiday road trip will become even more affordable, as AAA forecasts another round of falling gas prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Wholesale gasoline plummeted on Thursday, which will reduce the cost for retailers to buy and sell gasoline. Unless the market turns around, drivers should see gas prices fall another 5-15 cents, during their holiday road trips.”
What’s Driving the Price Drop?
- The global oil market is considered oversaturated, as crude production from the U.S. and many other countries have hovered near record-highs, outpacing demand
- There is uncertainty in the market about global economic growth, creating a bearish sentiment on fuel demand
- Futures prices were dragged lower by virtue of weakness in equity markets, after the Federal Reserve added a quarter point to the benchmark interest rate on Wednesday, and concerns of a government shutdown were renewed on Thursday
- Oil prices are the lowest since July 2017. The price for a barrel of WTI crude settled at $45.88 Thursday on the NYMEX
- Gasoline futures are at 2-year lows (September 2016). RBOB dropped 6 cents on Thursday, and is down 11 cents on the week.
- Wholesale gasoline prices dropped nearly 10 cents on Thursday
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