Gas Prices Falling – Could Hit $2 This Summer

PRESS RELEASE

AAA: FUEL PRICES PLUNGING; $2 GASOLINE COULD RETURN THIS SUMMER

Good news just in time for the Summer Driving Season

ATLANTA, Ga. (May 5, 2017) — Georgia gas prices are falling at a steady rate of 0.5 to 1-cent a day. That downward trend is likely to continue and deliver big discounts at the pump, based on major swings in the fuel markets this week.

“A lack of confidence in crude has led to a downturn in oil prices,” said Garrett Townsend, Georgia Public Affairs Director, AAA – The Auto Club Group. “The price of WTI hit its lowest daily settlement since the day before OPEC announced an agreement to cut production back in November. The effects of OPEC’s production cuts have since been offset by increased oil production from the U.S., Canada, Nigeria, and Libya.

“Meanwhile, the wholesale gasoline market is getting hammered this week, due to nearly record-high refinery operations and demand levels that were weaker than expected. Wholesale gasoline prices finished Thursday down 20 percent from the highs seen in April. These falling rack prices will continue delivering steady discounts at the pump, and the state average should push down into the $2.15’s in the next week or two. If current wholesale and spot prices stick around, motorists could start seeing various Georgia service stations selling gasoline at $2 or less a gallon by the summer.”

On Thursday, Georgia gas prices averaged $2.23 – according to data provided by AAA (click here to get the current average). Since peaking at $2.28 in April, the state averaged has declined for 18 consecutive days, for a total discount of 5 cents during that time. The Georgia average is 3 cents less than a week ago, but remains 4 cents more than this time last year. Gas prices on Cinco de Mayo averaged $2.19 in 2016, $2.50 in 2015, and $3.67 in 2014.

The most expensive metro markets are Savannah ($2.27), Valdosta( $2.24), and Atlanta ($2.24)
The least expensive metro markets are Augusta ($2.16), Macon ($2.19), Athens ($2.23)
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com. Motorists can find the lowest gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 57 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.