Here's an early Christmas gift for motorists that may last until the end of the year.
Average retail gasoline prices in metro Atlanta have dropped about 6.3 cents per gallon in the past week, averaging $3.18 per gallon on Sunday, according to AtlantaGasPrices.com.
This compares with the national average that has fallen 4.1 cents per gallon in the last week to $3.32 per gallon, according to the website.
Prices yesterday were 48.7 cents per gallon higher than the same day one year ago and are 19.1 cents per gallon lower than a month ago. The national average has decreased 14.4 cents per gallon during the last month and stands 46.3 cents per gallon higher than this day one year ago.
"The national average in the U.S. is at its lowest since February 25, but remains at record highs for this time of year," according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "While the downtrend in gasoline prices has certainly been welcome news for motorists, I see the trend shortlived, and believe we may see continued volatility in the days ahead, but even with said volatility I do expect many Americans will see average prices between $3.25-$3.50 for the rest of 2011," he added.
Even lower than average prices have been spotted throughout metro Atlanta. GasBuddy.com reports regular unleaded gas for $3.05 at a Texaco at 2270 Austell Road in Marietta; $3.07 at a Citgo at 4600 Peachtree Industrial Blvd in Norcross, and $3.08 at a RaceTrac at 897 GA-85 & Ramah Road in Fayetteville. Out in the state prices are even lower: AAA South found regular unleaded gas for $2.94 at a Citgo at 2487 Rocky Creek Rd, and for $2.99 at a variety of gas stations in Macon, Pooler, Calhoun and Dalton.
Demand for gasoline still lags behind last year's numbers and Europe's financial problems continue to weigh down oil prices, according to , AAA spokeswoman Jessica Brady. She noted that the price of crude oil -- at $96.77 a barrel last week and 64 cents lower than the prior week -- remains relatively unchanged.
She also noted that demand for diesel and heating oil has increased causing U.S. stockpiles of crude to drop by 6.2 million barrels during the week of Nov. 13. While crude stockpiles decreased, gasoline inventories increased 4.5 million barrels during the same week, she said.
"The price of oil will yo-yo as long as there is not a solid plan in place to resolve Europe's debt issues," said Brady. "However, if gasoline demand remains weak, consumers could see prices at the pump fall even further as we enter the holiday season."
