Gas prices expected to drop with end of holiday season

There’s good and bad news about gas prices entering into the new year.

 

The bad: Average retail gas prices in Georgia is about eight cents higher than it was at the start of 2017 and rose nearly seven cents in the past week. Nationally, gas is the most expensive since the start of 2014.

The good: Prices are likely to soon drop now that the holiday season has passed.

“Although prices at the pump shot up over the holidays, now that the holiday season is in the rear-view mirror, motorists can expect gas prices to trend cheaper this month as we are likely to see a significant drop in gasoline demand,” said Jeanette Casselano, AAA spokesperson, attributing the price increase to high travel volume during the Christmas holidays.

The latest Energy Information Administration report measures gasoline demand at 9.5 million barrels daily, which AAA said is typical of the holiday season. According to the company, historical data shows that in early January demand typically drops and stays below the 9 million mark for the first few months of the year.

Despite the price hike, motorists in the Southeast can take comfort in having the cheapest gas in the country. South Carolina is among the top 10 states with the lowest rates at $2.24 per gallon of unleaded regular as of Tuesday, according to AAA. Georgia prices are 11 cents higher at $2.35 per gallon of unleaded regular.

•The nation’s top ten states with the largest yearly changes are: Alaska (+39 cents), Montana (+35 cents), California (+34 cents), Oregon (+30 cents), Hawaii (+27 cents), Washington (+24 cents), Wyoming (+24 cents), Indiana (+23 cents), Nevada (+22 cents) and Utah (+22 cents).

•The nation’s top ten states with the least expensive gasoline are: Missouri ($2.22), Oklahoma ($2.22), Alabama ($2.22), Arkansas ($2.23), Mississippi ($2.23), South Carolina ($2.24), Texas ($2.24), Louisiana ($2.26), Tennessee ($2.26) and Kansas ($2.28).

SOURCE: AAA

 

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Sun, 02/25/2018 - 00:00

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