Here’s some news to warm motorists’ hearts as chilly weather grips metro Atlanta: Gas prices continue to fall — dropping 13 cents since last week.
“Pump prices are expected to continue their decline even as Hurricane Sandy threatens the East Coast,” AAA spokeswoman Jessica Brady said Monday.
“While motorists would expect gas prices to surge with Hurricane Sandy headed for the East Coast, the storm has not yet caused prices to spike,” said Brady. “Despite Sandy, retail gas prices are forecast to fall further this week and the downward trend is expected to continue into the Thanksgiving holiday.”
Georgia’s average price of $3.41 for regular unleaded gas was down 13 cents from last week. Tennessee at $3.32 and Florida at $3.52 both saw their average prices drop 12 cents: The national average price of $3.55 is 13 cents less than last week, according to AAA.
Ample supply numbers and contracting demand pushed oil prices to a three-month low last week, Brady said. U.S. oil supplies jumped almost 6 million barrels last week to 375 million barrels, the highest level for this time of year since 1982, according to the Energy Department. While production holds at a 17-year high, gasoline consumption dropped to its slowest rate since March.
Brady explains that weak demand in the U.S. is not solely responsible for the drop in oil prices. “Fuel demand in Europe remains weak with Spain’s unemployment rate at 25 percent and the euro area at 11.4 percent unemployment.”
A barrel of oil settled Friday at $86.28 on the New York Mercantile Exchange — $3.77 less than the week prior.
Find some of the lowest prices in metro Atlanta here. We found $3.15 at Chevron, 5975 Memorial Drive, Stone Mountain; $3.25 at QuikTrip, 1912 US-78 E and Rockdale Circle, Snellville; and $3.25 at Shell, 2395 Buford Dam Road & Shadburn Ferry Road, Snellville.
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