Gasoline prices continue to fall sharply

Gasoline prices continued their decline this week, with the Peach State experiencing a larger reduction in price than either Florida or Tennessee, according to Jessica Brady, a spokeswoman for AAA’s Auto Club Group.

The average price of regular unleaded gasoline in Georgia decreased 9 cents from last week, with a current average price of $3.19 a gallon, said Brady.

Florida’s average price of $3.31 a gallon, is 5 cents less than the week prior. Tennessee’s average price of $3.11 a gallon is a 7-cents declined from last week.

Nationally, the average price of a gallon of unleaded gasoline is $3.29 this week, compared to $3.35 last week –– a 6-cents drop, she added.

“The price of oil will yo-yo as long as there is not a solid plan in place to resolve Europe’s debt issues,” said Brady. “However, if gasoline demand remains weak, consumers could see prices at the pump fall even further as we enter the holiday season.”

Demand for gasoline continues to lag behind last year’s numbers at this time of the year, and Europe’s debt issues keep holding down oil prices, Brady said. The national price continued its downward trend, as crude oil settled at $96.77 a barrel last week on the New York Mercantile Exchange, a 64-cent decrease from the week before, she added.

Demand for diesel and heating oil rose during the week of Nov. 13, causing U.S. stockpiles of crude to decline by 6.2 million barrels, she explained. As crude stockpiles fell, gasoline inventories climbed 4.5 million barrels that same week.

Gasoline prices continued to decline last week, though there were 38 million holiday travelers projected to be on the roads, said Brady.

For current updates of average fuel prices per state, visit AAA’s Daily Fuel Gauge Report web site at http://fuelgaugereport.com.