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Gas prices drop 8 cents

11:18 AM, May 14, 2012   |    comments
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ATLANTA -- Georgia's price per gallon of gasoline dropped 8 cents in the past week, as low demand and slowing economic growth drive down oil prices, according to AAA Auto Club South.

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The average price per gallon in Georgia is $3.53, down from $3.61 a week ago, $3.84 a month ago and $3.94 a year ago.

The national average price of regular unleaded gasoline is $3.72 -- 6 cents less than last week.

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Oil prices settled Friday on the New York Mercantile Exchange at $96.13 a barrel. The cost of a barrel of oil has not been this low since December, AAA noted.

Manufacturing numbers and economic growth slowed more than forecast for the month of April in countries such as China, India, and across Europe causing global fuel demand to decrease at a time when supply is more than ample, AAA reported. U.S. oil stockpiles are at their highest level in 21 years, according to the U.S. Department of Energy, and output from OPEC remains at elevated levels.

"As a result of weakened demand, retail gas prices are expected to decrease throughout the week and continue May's downward trend in pump prices," said Jessica Brady, AAA spokeswoman, in a statement. "Motorists are paying almost 30 cents less for a gallon of gas nationwide, than they did this time last year."

 

(Atlanta Business Chronicle)

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