Newton County’s average gas price has fallen to $4.01 a gallon — a decline of 41 cents or 9% in three weeks.

The average cost today, July 18, was down from $4.18 on July 11 and $4.42 on June 27 but up from $2.93 a year ago, according to statistics from AAA-The Auto Club Group.

The lowest gas prices in the county today were found in western Newton where Gasbuddy.com gas monitors reported seeing prices between $3.64 and $3.73 along Salem Road, according to information from Gasbuddy.

Lowest gas prices in eastern Newton County were found on Dixie Road and Georgia Hwy. 142, reported at $3.85 to $3.89 per gallon, according to Gasbuddy.

Newton County’s average today was 11 cents below the Metro Atlanta average of $4.12 per gallon and 3 cents below the statewide average of $4.19 per gallon, AAA reported.

It now costs $60.20 to fill a 15-gallon tank of regular gasoline in Newton County compared to $44.00 a year ago.

Neighboring counties’ average prices today ranged from Butts County at $3.90 to Rockdale at $4.03, according to AAA.

Metro Atlanta’s average prices were $4.12 for regular, $4.52 for mid-grade, $4.87 for premium and $5.26 for diesel.

AAA spokesperson Montrae Waiters said the combination of decreased demand and declining oil prices helped lower gas prices.

“As these supply (and) demand dynamics hold, drivers will likely continue to see relief at the pump,” Waiters said.

Statewide, gas prices decreased at the pump compared to a week ago, stated a news release from AAA. 

Georgia’s average today is 15 cents less than a week ago, 45 cents less than last month, but $1.07 more than this time last year. 

Most expensive Georgia metro markets are Atlanta ($4.13), Hinesville-Fort Stewart ($4.12) and Athens ($4.11). The least expensive Georgia metro markets are Warner Robins ($3.72), Albany ($3.74) and Valdosta ($3.79), AAA reported.

Decline in gas demand drives pump prices lower

Since July 11, the national average for a gallon of regular gasoline has decreased by 15 cents to $4.53 — subject to change overnight, according to AAA. 

Patrick De Haan, head of petroleum analysis at GasBuddy, said, “We’ve seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we've seen in years. 

“This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages or unexpected disruptions, I forecast the national average to fall to $3.99 per gallon by mid-August," De Haan said. 

"So far, we've seen the national average drop for 34 straight days, with over 25,000 stations now back at $3.99 per gallon or less, and thousands more stations will join this week,” De Haan said. “In addition, we will see several states fall back under an average of $4, the majority being in the South, but that could spread to more states in the weeks ahead.”

According to the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels a day to 8.06 million barrels a day last week, while total domestic gas stocks increased by 5.8 million barrels.

At the close of last Wednesday’s formal trading session, crude oil increased by 46 cents to settle at $96.30.

Although crude prices increased slightly due to the market expecting demand to remain robust throughout summer, longer-term market concerns about the potential for a recession due to rising interest rates and inflation created headwinds for oil prices last week. Declining crude demand, due to reduced economic activity or continuing COVID-19-related lockdowns in China, could continue the downward trend of gas prices, AAA said.