Augusta Economy

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Gas price expected to decrease through January

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Gas prices have fallen to the lowest that Georgia has seen in a year, and more decreases are expected despite the approaching Christmas holidays.

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Pamela Duncan pumps gas at a station in downtown Augusta. "I always expect to see at least $3 at the pump," she said. Georgia gas prices are the lowest in a year, and more drops are expected.  EMILY ROSE BENNETT/STAFF
EMILY ROSE BENNETT/STAFF
Pamela Duncan pumps gas at a station in downtown Augusta. "I always expect to see at least $3 at the pump," she said. Georgia gas prices are the lowest in a year, and more drops are expected.

On Thursday, the average price for regular unleaded gasoline sat at $3.20 – just 2 cents higher than the average price one year ago.

“Both oil and gas prices are forecast to decrease again this week on the expectation demand will continue to fall from last year’s levels as supplies climb,” AAA spokeswoman Jessica Brady said.

Decreases are expected to continue through January with regular unleaded prices falling under $3. Prices have already fallen more than 20 cents from one month ago and 50 cents since October.

Analysts attribute the most recent drop to the value of the dollar increasing against the euro after the Labor Department announced that the U.S. unemployment rate fell to 7.7 percent in November and Germany cut its economic growth outlook for 2013.

Although the drop in prices is good news for holiday travelers, the year is still expected to have the most expensive average gas price on record, according to AAA data. With just more than two weeks left in the year, the average to-date price is $3.62, or 11 cents higher than the record set in 2011.

AAA estimates that 93.3 million Americans will be traveling 50 miles or more during the upcoming holiday period, Dec. 22 to Jan. 1.

CONSUMER PRICE INDEX DOWN

A steep drop in gasoline costs pushed down a measure of U.S. consumer prices last month, keeping inflation mild.

The seasonally adjusted consumer price index dropped 0.3 percent in November from October, the Labor Department said Friday. Gas prices fell 7.4 percent, the biggest drop in nearly four years. That offset a 0.2 percent rise in food prices.

In the past year, consumer prices have risen 1.8 percent, down from October’s 12-month increase of 2.2 percent.

Excluding the volatile food and gas categories, prices ticked up 0.1 percent in November. Core prices have risen 1.9 percent in the past year – below the Federal Reserve’s annual target of 2 percent.

– Associated Press

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soitgoes
900
Points
soitgoes 12/14/12 - 05:33 pm
1
1
prices have been too high

current prices - and prices all 2012 - have not been supported by anything other than the greed of the retail establishments that sell the gas to consumers. We've been getting gouged... May they continue to fall under $2 a gallon. We shall see...

Just My Opinion
6267
Points
Just My Opinion 12/15/12 - 06:19 am
0
0
Good point, soitgoes. As an

Good point, soitgoes. As an example of outright greed, the Kroger in Evans FINALLY lowered it's price for regular to $3.04 a gallon...the price at it's fellow Kroger store about a mile away on Columbia Rd?? How about $3.19 a gallon? How in the world does Kroger explain a 15 cent difference??? Same exact gas truck...same company....same account....DIFFERENT neighborhoods! But, just when you think the people in Evans are benefitting....about 2 weeks before that, it was the Evans Kroger with about a 15 cent higher price than the Columbia Rd Kroger! I think there are times when you SHOULD shop for your gas. At Kroger, if I buy my gas at the one across from the mall (like I did earlier this week), the Kroger people know it because I use my Kroger card. So, if more people did that, Kroger would realize that it's customers are shopping at the Kroger's with the cheaper prices. Course, I'll get my gas just about anywhere that I see that it's cheaper...I'm not dedicated to one outlet.

palmetto1008
9782
Points
palmetto1008 12/17/12 - 06:46 am
0
0
SC welcomes your gas
Unpublished

SC welcomes your gas business. Always cheaper across the state line.

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