Average retail gasoline prices in Atlanta have fallen 6.4 cents per gallon in the past week, averaging $3.61/gal yesterday. This compares with the national average that has fallen 2.9 cents per gallon in the last week to $3.77/gal, according to gasoline price website AtlantaGasPrices.com.
Including the change in gas prices in Atlanta during the past week, prices yesterday were 29.0 cents per gallon lower than the same day one year ago and are 25.3 cents per gallon lower than a month ago. The national average has decreased 13.4 cents per gallon during the last month and stands 15.9 cents per gallon lower than this day one year ago.
"I'd probably sound like a broken record at this point if I were to tell folks that crude prices breached and fell under $100 late last week. I'm sure I'll be flooded with motorists asking why gasoline prices haven't fallen yet," chuckled GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Either way, it's great news for motorists - but some hot spots may burn motorists before they see any sizable relief. When I mention hot spots, I'm thinking of the West Coast - where supply has dropped considerably, causing tightness and perhaps higher prices. The rest of the country, however, should see short term relief continue ahead of Memorial Day, easing unfounded fears of the national average hitting $5/gal, or even $4/gal," DeHaan said.
Last Friday, a barrel of oil closed below $100 for the first time since February 10 when it closed on the New York Mercantile Exchange at $98.67. The price of a barrel of oil closed Friday at $98.49 on the NYMEX - $6.44 less than the week prior. Oil prices plummeted after U.S. payrolls increased by 115,000, when they were projected to increase by 160,000. This is the smallest gain in the last six months, according to the Labor Department. The report increased concerns of further decreases in fuel demand at a time when inventories are at their highest level in 21 years, according to the Energy Department.