The Peach State continues to experience a decline in its average retail gasoline price, said spokeswoman Jessica Brady, of AAA Auto Club South.
As of Sept. 19, the average retail price for regular unleaded gasoline in Georgia is $3.45 per gallon, according to AAA's Daily Fuel Gauge Report's web site, http://fuelgaugereport.aaa.com. Last week's average price for regular unleaded in the state began at $3.54. The national average price for unleaded gasoline is $3.58 as of Sept. 19, compared to last week's $3.65 per gallon, said Brady.
"Retail gas prices actually fell this week despite the [market's] volatility," she said. "Pump prices have stayed between $3.55 and $3.65 nationally and are expected to remain relatively the same this week."
The European debt crisis, said Brady, has helped maintain oil prices below $90 a barrel. This is due to fears the European Union won't be able to bail out countries such as Greece, which could further shrink global oil supply, she said. This has affected the euro's value, which decreased against the dollar, and reduced the appeal of crude oil as a commodity by raising the value of the dollar, she explained.
The price of crude oil remained at $87.96 a barrel on the New York Mercantile Exchange on Sept. 16, said Brady. The oil price per barrel increased 72 cents compared to the week prior, she said.
According to Brady, oil prices slightly rose this week after reports of U.S. stockpiles of crude oil decreasing about 3 million barrels after refineries in the Gulf of Mexico evacuated, due to Tropical Storm Lee.
"However, oil prices are expected to fall this week as economic conditions in the U.S. and Europe remain sluggish," she said.