AAA:  GAS PRICES SLIDE DUE TO A DROP IN DEMAND

Written by Elizabeth Davis. Posted in News & Weather

Gas prices edged lower last week, according to AAA, The Auto Club Group, which reports that Sunday’s national average price of $2.85 per gallon was a tenth of a cent less than the week before.  However, the average American is still paying 27 cents per gallon more than this time last year.

Gas prices in Georgia declined one cent during the past week.  Sunday’s state average of $2.71 per gallon is a cent more than a month ago and three cents more than this time last year.

Mark Jenkins, AAA spokesman, says, “Even though oil prices rose last week, prices at the pump slipped lower because of declines in gasoline demand. The latest figures from the EIA show weekly demand hitting four-week lows.  Combining this autumn trend with the recent switch to a cheaper-to-produce winter blend gasoline, and prices at the pump could move even lower this fall.  However, upward pressure persists due to concerns that there could be major crude supply challenges this fall, due to US-led sanctions against Iranian crude and sharp reductions in economically-stressed Venezuela.”

Trackback from your site.

Leave a comment