Energy prices took a nosedive on the stock market last week and gas prices are declining as a result, reports AAA, The Auto Club Group. Georgia’s gas prices declined three cents during the past week. Sunday’s state average of $2.46 is six cents higher than a month ago and 28 cents more than this time last year.
Mark Jenkins, a spokesman for AAA, attests, “Gas prices have the potential to drop 10-15 cents, based on what happened last week. However, refinery maintenance season is fast approaching and could spoil this big break for motorists. Every year – from February to April – reduced refinery output and the switch to summer-blend gasoline normally causes gas prices to rise 30-70 cents. Additional drops in oil prices would help soften the impact that maintenance season has on prices at the pump. Expect volatility at the pump as these forces collide.”
Crude oil plunged to its lowest price of the year last week, dramatically reducing the cost of producing gasoline. Friday’s closing price of $59.20 per barrel is down $6 per barrel from the week before; it was the lowest daily settlement since December.
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