Gas price decrease not expected to last much longer

Posted January 31, 2017

Average pump prices on Monday in the Charleston-North Charleston area stood at $2.08 a gallon, the most expensive in the state.

The national average price for gasoline has fallen for 21 consecutive days. That drop, he said, is primarily because of low demand for gas and "bulging inventories of gasoline".

Wet weather and weak demand pushed gas prices down for the third week in a row. The average price ranges from a low of $2.40 in Dansville and Livonia to a high of $2.54 in Nunda.

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In Georgia, the average of the two surveys Monday was $2.174, down 3.4 cents in a week and down 4.5 cents from last month.

The overarching driver right now for gas prices is oil.

Average gasoline pump prices fell in 45 of the 50 states last week, compared with 32 states where prices had fallen in the prior week, according to analysts at GasBuddy. During that time prices dropped 10 cents in Florida, 8 cents in Georgia and 5 cents in Tennessee.

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"But before motorists celebrate such cheap gas (today), the sweet deal likely won't stick much longer as we've been waiting since last week to see such loss-leaders to disappear", DeHaan said. That's about 46 cents per gallon more than one year ago at this time.

$2.64/g in 2016, $3.15/g in 2015, $4.00/g in 2014, $4.09/g in 2013 and $4.07/g in 2012.

However, prices are expected to increase in April and May as refineries flush the old gasoline out and replace it with new summer blend gasoline.

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