COVINGTON, Ga. — Average gas prices in Newton County continued their steady decline in recent weeks and have dropped almost 25 cents per gallon since late June.
The average cost of a gallon of regular unleaded gas in Newton County stood at $4.18 Monday, July 11, down from $4.42 on June 27, according to figures from AAA-The Auto Club Group.
Newton County’s average Monday was 10 cents below the Metro Atlanta average of $4.28 per gallon and a penny below the statewide average of $4.19 per gallon, AAA reported.
According to GasBuddy.com, which relies on reports from consumer volunteers, the lowest prices in the county were found at stations along Salem Road in western Newton County.
It now costs an average of $62.70 to fill a 15-gallon tank with regular gasoline in Newton County, down $3.60 since June 27 when it cost $66.30.
Montrae Waiters, AAA-The Auto Club Group spokeswoman said Georgia pump prices were “drifting lower as crude oil continues to decline” in price.
“So far, the decrease in crude prices have had a noticeable impact at the pump, but if crude prices rise this week consumers could see an increase in gas at their local stations,” Waiters said.
Current averages in Metro Atlanta were $4.28 for regular, $4.67 for mid-grade, $5.02 for premium and $5.37 for diesel.
Monday’s Metro Atlanta average for regular gas was 12 cents less than a week ago and 23 cents less than on June 11, but $1.34 more than this time last year.
The most expensive Georgia metro markets were Atlanta ($4.28), Hinesville-Fort Stewart ($4.28) and Athens ($4.25). The least expensive Georgia metro markets were Warner Robins ($3.87), Albany ($3.88) and Valdosta ($3.96).
Between July 4 and July 11, the national average for a gallon of regular gasoline decreased by 13 cents to $4.68.
Patrick De Haan, head of petroleum analysis at GasBuddy.com, said the national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020.
“We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong.
“Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” De Haan said. “We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong.
“But we’re not completely out of the woods yet — we could also see a sharp reversal in the decline. There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”
According to the Energy Information Administration (EIA), gas demand increased from 8.92 million barrels a day to 9.41 million barrels a day ahead of the Fourth of July holiday, while total domestic gas stocks decreased by 2.5 million barrels, according to AAA.
Typically, these supply/demand trends would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices, a AAA news release stated.
Crude oil prices continue to face strong headwinds amid broad market concerns regarding the potential for economic growth to slow or stall due to rising interest rates and inflation.
A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. Additionally, EIA reported that total domestic crude stocks increased by 8.2 million barrels to 423.8 million barrels last week, which is nearly 22 million barrels lower than the storage level last year, according to AAA.
