Oil Sees Six Year Low

The price of oil is on its longest weekly slump of the year, after reaching the lowest closing price since the ‘Great Recession’. This continues to put downward pressure on the price of gasoline, which dropped another 2 cents last week in the Southeastern U.S.. The last time oil reached prices as low as there are today, was March 9th, of 2009, a time when the average price of gas in Georgia was $1.84. Despite this, the steady decline in gas prices hit a snag late last week. Prices in the Southeast U.S. inched up a half cent Friday.The U.S. Government released new data last week forecasting monthly average gasoline prices to dip as low as $2.11 in the last quarter of 2015, so far this year, the price of gasoline has averaged $2.50.Georgia’s average price for a gallon of unleaded sits at $2.43 today, with Rabun County well below that at $2.36 to start the week.