While gas prices have held relatively steady during the first week of the new year, retail prices could drop by anywhere from 5 to 15 cents in the next month and a half, according to a news release from AAA — The Auto Club Group.
Georgia gas prices averaged $2.36 on Sunday. The state average is 1-cent more than the previous week but remains 10 cents more than for this time in 2017.
The first week of the new year is historically strong for oil prices, the release stated. “Then, the reality of low winter demand pushes them lower for the next month or two.”
Meanwhile, gasoline demand pushes the numbers lower over the following two months.
“Retail prices could drop 5-15 cents in the next month and a half, while supply outpaces demand,” said Mark Jenkins, spokesman with AAA — The Auto Club Group. “Unfortunately, springtime is a springboard for prices at the pump, and we may see a 40-50 cent jump by the summer.”
Added Jenkins: “Of course, this forecast could change dramatically if there are unexpected shifts in fuel supply and/or the stock market.”
Prices normally rise in the spring as demand grows and supplies tighten, the release stated.
Currently, the most expensive gas price averages in Georgia are in Brunswick ($2.42), Savannah ($2.39) and Hinesville-Fort Stewart ($2.39).
The least expensive gas price averages are in Warner Robins ($2.27), Catoosa-Dade-Walker ($2.28) and Rome ($2.28).
In Georgia, the highest average price in 2017 was $2.76 on Sept. 12. The lowest was $2.08 on July 5.