The steady stream of declining gas prices continued last week.  However, the rate at which prices are declining is beginning to slow, and pump prices should soon level out. 

Georgia gas prices declined for the 47th consecutive day on Sunday, for a total discount of 40 cents. The state average only declined 4 cents last week. That is a stark contrast to previous weeks, where the total decline was 7-10 cents. 

• The most expensive gas price averages in Georgia are in Savannah ($2.41), Atlanta ($2.39), and Athens ($2.37)
• The least expensive gas price averages in Georgia are in Albany ($2.24), Augusta-Aiken ($2.27), and Macon ($2.28)

"The steak of falling prices should come to an end this week," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Oil and wholesale gasoline prices made solid gains last week, after the EIA's supply report showed high U.S. crude and gasoline exports, and an increase in gasoline demand. Fortunately, U.S. crude production levels appear to be stabilizing after Hurricane Nate caused a reduction, and refinery capacity is now back to pre-Hurricane Harvey levels.

"Continued growth in oil inventories will keep a ceiling on oil prices, and prevent gasoline prices from making strong gains. While there could be some volatility, gas prices should follow a mostly downward trend through the rest of the year. However, the discount at the pump is not currently forecast to be much lower than present levels."

Fuel Fundamentals

• WTI crude oil rose $2 last week, settling at $53.90 per barrel on Friday
• The futures price of gasoline rose 9 cents on the NYMEX last week, reaching a closing price of $1.77 on Friday
• Wholesale gasoline prices rose 6 cents last week in some markets
• Gasoline demand grew by nearly 2%, according to the latest supply/demand report from the EIA
• Total U.S. crude inventories rose by 900,000 barrels
• Refinery inputs rose by 609,000 barrels per day
• Utilization capacity of refineries in the Gulf Coast exceeded 90% for the first time since Hurricane Harvey made landfall in the U.S.

Highs and Lows of 2017*

• National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
• Georgia: the highest average price was $2.76 on September 12. The lowest was $2.08 on July 5.                    

                             CURRENT AND PAST PRICE AVERAGES

                                                    Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.466	$2.467	$2.457	$2.568	$2.216	$4.114 (7/17/2008)
Florida	$2.399	$2.401	$2.424	$2.637	$2.234	$4.079 (7/17/2008)
Georgia	$2.359	$2.362	$2.395	$2.638	$2.175	$4.164 (9/15/2008)
Tennessee	$2.252	$2.252	$2.274	$2.480	$2.046	$4.118 (9/15/2008)
Click here to view current gasoline price averages