Drop in gas prices unusual for this time of year

Rabun gas prices have been dropping steadily for weeks, but according to information from the Energy Information Administration (EIA), it is very unusual for this time of year.

Motorists are now paying an average price of $2.49 per gallon for regular unleaded. Wednesday’s state average is 3 cents less than a week ago, 19 cents less than this time last month, and 26 cents less than this time last year.

It now costs roughly $36.60 to fill a 15-gallon tank of gasoline. That is $6.00 less than what motorists paid last June, when pump prices hit their 2018 peak of $2.84 per gallon.

“Growing gasoline inventories are contributing to relief at the pump so far this summer,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Current U.S. inventories sit at nearly 235 million bbl, which is helping to feed growing demand.”

The decline is unusual for this time of year.

Pump prices usually trickle higher during the summer months due to increased demand. However, the latest EIA report reveals that total domestic gasoline inventories jumped a million bbl last week, helping to push pump prices lower.

According to OPIS, strong production output and increased imports have helped gasoline storage levels grow consistently over the past four weeks.