Good for your budget: Gas price decline continues - WALB.com, South Georgia News, Weather, Sports

Good for your budget: Gas price decline continues

ALBANY, GA (WALB) -

Average retail gasoline prices in Georgia have fallen 5.2 cents per gallon in the past week, averaging $2.50 a gallon yesterday, according to GasBuddy's daily survey of 5,883 gas outlets in Georgia.

This compares with the national average that has fallen 5.5 cents per gallon in the last week to $2.65 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Georgia during the past week, prices yesterday were 89.2 cents per gallon lower than the same day one year ago and are 16.3 cents per gallon lower than a month ago.

The national average has decreased 11.6 cents per gallon during the last month and stands 84.5 cents per gallon lower than this day one year ago.

Ringgold had the lowest price in Georgia at $2.10, while Albany was second at $2.18. Check and report gas prices HERE.

"Prices in 47 out of 50 states declined for both gasoline and diesel in the last week, bringing the national average for a gallon of gasoline to its lowest summer price since 2009, while diesel fuel sees its lowest outright price since October 2010," said Patrick DeHaan, GasBuddy senior petroleum analyst.

"While 84% of stations in the U.S. were selling gasoline at over $2.50/gal a month ago, today that number has dropped to 54%. A sharp drop in the price of crude oil over the last several weeks has resulted in big declines at the gas pump. A barrel of West Texas Intermediate crude oil has lost some $10 in value since early June at the hands of economic concerns in China and the prospects of Iranian crude adding to the global glut of oil as demand begins to fall ahead of the cooler months," DeHaan said.

GasBuddy is the premiere source for real-time local gas prices. Founded in 2000, GasBuddy.com developed as an initiative to provide consumers access to local, current gas prices. Through the GasBuddy.com website and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers, saving big money at the pump.

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