Bearish news hit the market last week and caused oil prices to settle below $93 for the first time since August 10. This is also the first time in twelve weeks that motorists will see more significant price drops at the pump.
U.S. inventories of crude oil spiked by 8.5 million barrels last week and made the largest gain since March. Reports also showed domestic fuel demand in August dropped to its lowest level in 15 years, according to the American Petroleum Institute.
According to AAA’s Manager of Regulatory Affairs, Avery Ash, gas prices are predicted to see a steady decline.
“Historically gas prices tend to fall from September until Christmas. AAA expects this trend, which has held true for seven of the previous nine years, to continue in 2012 and predicts the national price will continue to fall as we approach the end of the year”, said Ash.
A barrel of oil closed Friday at $92.89, which is $6.11 less than the week prior.
The national average price of regular unleaded gasoline is $3.81, five cents less than last week. Georgia’s average of $3.69 fell eight cents from last week, respectively. According to Motortrend.com the lowest price for regular unleaded in Elbert County is three dollars and fifty-eight cents. In Washington, the low price is still holding steady at three dollars and sixty-nine cents.