Gas prices on steady decline

Should drop 5-10 cents this week

Gas prices are on a steep slide after reaching three-year highs due to Hurricanes Harvey and Irma. Prices surged when Harvey struck refineries along the nation’s gulf coast, then remained elevated as demand spiked in the southeastern U.S. following Hurricane Irma.

Now supply and demand levels are returning to normal, and prices are on the decline.

“If it weren’t for the recent hurricanes, gas prices would be about 25 cents lower,” said Mark Jenkins, spokesman, AAA–The Auto Club Group. “Since gas prices decline much slower than they rise, it could take a few weeks before they reach equilibrium. Gas prices in the southeastern U.S. should drop another 5-10 cents this week.”

The average price in Georgia has declined for the last nine consecutive days, for a total discount of 8 cents, since peaking at $2.76 on Sept. 12. Georgia gas prices averaged $2.67 on Sunday. The state average is 5 cents less than this time last week. Georgia motorists are paying 32 cents more for a gallon of gasoline, compared to this time last year.

The most expensive gas price averages in Georgia are in Atlanta ($2.72), Athens ($2.70) and Valdosta ($2.65).

The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.57), Macon ($2.58) and Columbus ($2.58).

Times Courier

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