ATLANTA – Metro Atlanta gas prices have dropped slowly over the past month, but could start rising again before the holiday travel season.
September was marked with yellow bags over many gas pumps around metro Atlanta as the area’s fuel supply suffered a major disruption. A Colonial pipeline leak in Alabama forced local stations to search for alternate sources of fuel, or see their pumps go dry. By the time the issue was resolved, the average price of gas in the metro area was up to $2.51 a gallon.
Since then, the average price has dropped to $2.24 a gallon, still 10-cents a gallon more than it was before the leak.
“Prices always go down at a slower clip than they go up,” says Garrett Townsend of AAA. “It's called a rocket and feather effect. They rocket up, but they tend to feather down ever so slightly.”
We could soon jump back on that rocket.
The oil producing nations that form OPEC are discussing the possibility of reducing production.
Ahead of those talks, the price of crude has climbed from 43-dollars a barrel to 51-dollars over the last month.
“Whatever the outcome of that OPEC discussion will determine where our pricing will go, particularly when we get into the winter driving season,” says Townsend.
Iraq is resisting the notion of cutting production, which could influence the other OPEC nations.