Retail gas prices didn’t fluctuate much from last week and remain stable near the lowest average of the year.
Although pump prices are forecast to decrease in the coming weeks, negotiations to reopen the government are keeping a little upward pressure on oil prices.
However, based on supply and demand numbers, both oil and gas prices should be lower.
Last week, the International Energy Agency cut its global oil demand outlook for 2014, at a time when the world’s oil production is on the rise.
U.S. oil output jumped to a 24-year high of almost 8 million barrels a day in September, according to the Energy Information Administration.
According to AAA’s Manager of Regulatory Affairs Avery Ash, that information leads them to believe prices will still decline moving forward.
“AAA continues to expect that national gas prices will fall in the coming months due to sufficient supplies, flat demand, and cheaper winter blend gasoline”, he says. “However, if oil prices remain high, then it will provide a fundamental floor as to how low gas prices can go.”
The national average price of regular unleaded gasoline is $3.34, 1-cent less than last week.
Georgia’s average of $3.24 increased a cent from last week respectively.
Gas prices remain unchanged in Elbert County, as the low price held steady at $3.12 from the past week.