Today might be a good day to fill ‘er up.
Gas prices have dropped 11 cents over the past week as demand for fuel has gone down. And prices should fall even more this week, according to AAA Auto Club South.
The average price per gallon in Georgia is now $3.35, compared with $3.46 a week prior, $3.51 a month ago and $2.59 a year ago.
Regular unleaded gas was selling for as low as $3.10 at a Texaco at 5982 Old National Hwy. and Sheriff Road in College Park Monday morning.
Motorists can find the cheaper gas prices at other stations throughout metro Atlanta; for example, $3.14 at a Sunoco at 2650 North Cobb Parkway in Kennesaw; $3.14 at Costco at 1700 Mount Zion Road in Morrow; and $3.15 at a BP at 2741 Fairburn Road, in Douglassville, according to atlantagasprices.com, a website that tracks local fuel prices.
The national average price of gasoline is $3.50 a gallon -- down 9 cents from a week ago.
AAA noted that for the first time since Aug. 9, crude oil settled below $80 a barrel as fuel demand dropped and economic concerns persist.
Oil production in Libya has resumed an output quota of almost 600 million barrels a day. Libyan quotas are expected to reach a million barrels a day in the next six months, all of which drove down oil and gas prices throughout the past month, AAA South reported.
Crude oil settled Friday at $79.85 a barrel on the New York Mercantile Exchange — $8.11 less than the prior week.
Oil and gas prices will continue their downward trend, according to AAA Auto Club South, since no immediate action is in place to stimulate the U.S. and European economies at a time when fuel demand continues to lag.
"Continued news of sluggish economies in the world's largest oil producing countries has both oil and gas prices retreating," said Jessica Brady, a spokeswoman for AAA Auto Club South. "A weakened euro and increased output in Libya are also pushing prices lower. Retail gas prices are forecast to decrease further this week, giving consumers more of a break at the pump."
But don't get too accustomed to the falling gas prices, said Patrick DeHaan, a senior peroleum analyst with gasBuddy.com.
"Last week saw an impressive decline in crude oil and gasoline futures, and accordingly, motorists in most areas of the U.S. have seen retail gasoline prices decline," DeHaan said. "In some areas, price have outright plunged to under $3/gal." He said he expects gas prices to bottom out at about $3.10 to $3.40 in the next month, and then prices will begin to rise again just in time for Thanksgiving.
