Oil and gas prices fell again as more pessimistic news about the economy was released last week.
Fuel prices decreased further after the Commerce Department reported retail sales dropped in March and a report showed consumer sentiment is at a nine-month low.
Fuel demand has lagged since the start of the year, causing both OPEC and the Energy Information Administration to cut their global oil demand outlook for the year.
This comes at a time when U.S. oil output is at a 20-year high and supplies are plentiful.
According to AAA’s Manager of Regulatory Affairs Avery Ash, pump prices began to fall at the same time retail sales began to drop in March.
“Prices fell to begin March as refineries resumed normal operation after seasonal maintenance and production concerns eased, this decline came even as crude oil prices moved higher”, said Ash. “U.S. gas prices have continued to fall in April, not just because of weak demand and signs of economic weakness, but as oil prices have moved sharply lower.”
The national average price of regular unleaded gasoline is $3.53, seven cents less than last week. Georgia’s average of $3.40 fell six cents from last week.
According to Motortrend.com, the low price for retail gas in Elbert County is $3.08 a gallon.
In Wilkes County, the price is over thirty cents higher at $3.39; and in Lincoln County the low price is $3.35.