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Gas prices in Georgia continue to fall

The average price of a gallon of regular, unleaded gasoline in the state of Georgia continues to decline, said AAA Spokeswoman Jessica Brady.

According to AAA’s Daily Fuel Gauge Report’s web site –– fuelgaugereport.com –– the price of regular gasoline in the state dropped, on average, by 6 cents since last week. The average price is now $3.31 a gallon.

Motorists in neighboring Tennessee are paying an average price of $3.22 a gallon, a 5-cent drop from the prior week. Florida’s average price is $3.38 a gallon, and the nation’s average is $3.40 a gallon. Both the U.S. and Florida experienced a 4-cent decrease from last week, Brady said.

“Retail gas prices have actually decreased through the past couple of weeks,” she added.

Motorists are likely to find only small changes in price at the gas pumps, she said, unless crude oil prices spike this week. Oil prices are lingering near $95 a barrel, due to conflicting factors, said Brady.

A barrel of oil settled at $94.26 on the New York Mercantile Exchange on Nov. 4, she said. That price is 94 cents higher than the previous week. Concern over Europe’s economic stability, particularly the situation in Greece, continues to have a moderating effect on oil prices.

“European leaders and [The Group of Twenty Finance Ministers and Central Bank Governors] failed to come to agreements to resolve Europe’s debt issues last week, putting downward pressure on oil prices,” she said.

Oil prices also seem at a standstill because of a small rally that occurred in the market after the U.S. Department of Labor reported the national unemployment rate was at 9 percent in October, compared to 9.1 percent the month before, she said. “The Labor Department also reported a gain of 80,000 payrolls last month, although fewer than forecast, the data was taken as a positive sign the economy is slowly bouncing back from the economic downturn,” said Brady.