AAA: Gas prices take a surprising dip for the week
Typically, gasoline prices are on the rise as Memorial Day approaches and consumer demand increases.
This week, however, Georgia gas prices dropped four-cents a gallon, according to AAA -The Auto Club Group.
Georgia drivers are now paying an average of $2.68 per gallon for regular unleaded. But Rabun County remains in the second-highest price range averaging out to around $2.69 per gallon.
AAA spokeswoman Montrae Waiters said the drop in gasoline prices statewide could be a result of recent unpredictable weather, particularly in the Midwest, that caused gas demand to decline. Typically, during this time, switching to the more expensive summer blend gasoline, ongoing refinery maintenance, and healthy consumer demand all contribute to pump prices increasing.
The price of crude oil held relatively steady last week, averaging $61.83 per barrel; almost a dollar less than the week before. Friday’s daily settlement of $61.66 per barrel is nearly $5/b less than this year’s high – set two weeks ago. Meanwhile, gasoline futures dropped four cents on the NYMEX. Wholesale gasoline has declined nearly 10 cents in the past two weeks, which lowers the cost for retailers to purchase fuel.