Gasoline Prices Fall After US Named Leading Oil Producer

July 9, 2014

The United States surpassed Saudi Arabia and Russia to become the world’s biggest oil producer this year.

According to a report from the Bank of America Corp., the U.S. is projected to remain the top producer of 2014 because domestic output is forecast to increase and production growth outside the U.S. has been lower than anticipated.

The price for a barrel of oil dropped by over a dollar and a half last week said AAA Spokesman Mark Jenkins.

Lower oil prices means gasoline should continue drifting down this week added Jenkins.

However, prices typically become volatile in the mid to late summer months as we move into the peak of hurricane season.

The national average for a gallon of gasoline this week is $3.65, down two cents a gallon from a week ago.

Georgia motorists are paying $3.56 a gallon on average; that price is three cents lower than it was last week.

The low price in Elbert County dropped to $3.52, which is down from last week’s average price by seven cents.