Prices in the Southeast are still about 15 cents higher than this time last year, but it’s likely prices will reach those levels if the decline continues as expected, analysts say, adding it’s possible that prices could drop an additional 30 cents by Thanksgiving.
“We’re back to the basic fundamentals of supply and demand moving the market,” AAA spokeswoman Jessica Brady said. “Oil supplies continue to increase as demand weakens across the board.”
The debt crisis in Europe has pushed down gas demand overseas and caused the euro to drop. U.S. oil stockpiles have jumped to a two-month high, and output is at its highest level in 17 years, according to the Department of Energy.
The average price for a gallon of gas in Georgia is $3.51. South Carolina’s average is 13 cents lower.