Gas Prices Continue Decline in Georgia and in Elbert County

October 24, 2012

Retail gas prices moved lower last week and are expected to continue their decline this week as well.

According to AAA’s Manager of Regulatory Affairs Avery Ash, the price should decline until the end of the year.

AAA expects that gas prices will continue to drop leading up to election day and will move even lower approaching the end of the year, barring any unforeseen forces”, said Ash.

The debt crisis in Europe continues to plague demand numbers overseas and caused the value of the euro to drop which often leads to lower oil prices.

In addition, U.S. oil stockpiles jumped to a two-month high and output is at its highest level in 17 years, according to the Energy Department. At the same time, demand for gasoline has dropped 6.2 percent since August.

Ash lays out what AAA predicts the gas prices will be over the course of the next month.

“AAA expects that the national average is likely to be between $3.40 – $3.50 when Americans head to the polls in the next two weeks, and to be between $3.25 – $3.40 by Thanksgiving”, said Ash.

The national average price of regular unleaded gasoline currently sits at $3.68, 11 cents less than last week. Georgia’s state average of $3.54 decreased 9 cents from last week, respectively.

In Elbert County, the lowest price for regular unleaded gasoline is three dollars and thirty eight cents. In Wilkes County, the low price currently stands at three dollars and forty nine cents.