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Area gas prices begin to drop

Monday, June 6, 2011 11:31 AM
Last updated 2:49 PM
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Gas still isn’t cheap, but prices seem to be falling.

According to today’s AAA daily fuel gauge report, the average price for regular gasoline in the Aiken-Augusta area was selling at $3.556 per gallon. This is down from $3.627, the average price one week ago. The average price one month ago was $3.819 per gallon.

Across the entire state of Georgia, the average price per gallon is $3.615. This is down from $3.684 a week ago and $3.885 one month ago. For South Carolina, the current average price per gallon is $3.473. Last week, it was $3.529 and last month it was $3.745.

The price-fall trend is steady across the nation – right now, the national average price is $3.771 per gallon. Last week, the average price was $3.785 and last month it was $3.975.

Prices will most likely continue to fall over the next few months, according to AAA spokeswoman Jessica Brady.

“We definitely expect prices to continue to fall over the next few months, but the rate prices fall will slow down to a few cents per week,” she said. “It does look like this will be a sustained trend, though.”

The reason for this trend can be traced back to a few factors, Brady said.

What’s pushing prices down at the moment is a report released by the U.S. Labor Department last week saying only 50,000 payrolls were added in the month of May – one of the lowest numbers in several months. This news resulted in a decrease in demand for gas, at the same time as the U.S. oil supply increased.

“The U.S. supply is growing, and at the same time some very bearish economic news is making the demand go down,” Brady said. “Prices are going to fall when this happens.”

 


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