Slight Drop in Gas Prices Not Expected to Last Very Long

July 31, 2013

Gas price averages dipped slightly from last week across the Southeast, but that doesn’t mean the downward trend will continue, according to AAA South.

The same factors, such as tensions in Egypt, supply drops, and inclement weather continue to place upward pressure on oil prices.

Relating to the price dip, China’s recent cut in manufacturing output has caused crude prices to drop slightly from the previous week, creating concerns of slowed economic growth and reduced fuel demand in the region.

However, that factor alone won’t be enough to cause oil prices to drop sharply to the point that motorists will see a significant difference in pump prices.

AAA’s Manager of Regulatory Affairs Avery Ash said that AAA continues to expect gas prices to rise, despite the slight drop at the pumps.

“AAA continues to expect that prices will ultimately rise through the busy summer driving season”, explained Ash. “This increase is expected because of rising demand for gasoline, supply glitches, and the threat of gulf coast hurricanes.”

The national average price of regular unleaded gasoline is $3.63, 4 cents less than last week.

Georgia’s average of $3.50 also, decreased 4 cents from last week respectively.

The low retail gas price in Elbert County currently sits at $3.23.