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Gas prices decline 7 consecutive weeks

Motorists continue enjoying the lowest gas prices in four years. The national average price for a gallon of regular unleaded dropped 52 consecutive days Sunday, falling 45 cents since September 26th . During the same period, gas prices fell 41 cents in Florida, 49 cents in Georgia and 45 cents in Tennessee. The streak of declines is 42 in Florida, 43 in Georgia, and 44 in Tennessee.

"Gas prices are plunging in-line with the falling price of oil, declining demand, and pumps selling winter-blend fuel which is cheaper to produce," said Mark Jenkins, spokesman, AAA – The Auto Club Group. "Gas prices should only get cheaper through the rest of the year."       

Motorists got more good news last week when the U.S. Energy Information forecast the average price of gasoline to be $2.94 a gallon in 2015. That is a 44-cent drop from its previous forecast of $3.38 per gallon. The national average price for a gallon of regular unleaded averaged $3.49 a gallon in 2013, and has averaged $3.45 a gallon so far this year.

"The change in EIA's forecast this month shows just how volatile gas prices can be," said Jenkins. "Motorists can expect low gas prices to linger through early 2015, but they will likely climb above $3 a gallon in the spring. Gas prices typically rise about 40 cents in the spring, due to reduced output during refinery maintenance season, increased demand, and the switch to summer-blend fuel. However, the price-hike should be temporary, if U.S. oil production continues placing downward pressure on the price of oil."

The price of oil is the lowest since October 2011. A barrel of WTI oil settled at $75.82 on the NYMEX Friday – a $2.83 decline from the week prior. The shale boom has helped boost domestic oil supply to the highest level in three decades, which has helped put downward pressure on oil and gasoline prices.

The national average price for a gallon of regular unleaded ($2.89) is 4 cents cheaper than last week, 27 cents cheaper than a month ago and 32 cents below the price this time last year. Florida's average price ($2.88) is 3 cents cheaper than a week ago, 32 cents cheaper than last month, and 34 cents cheaper than a year ago. The average price in Georgia ($2.81) is 3 cents cheaper than last week, 31 cents cheaper than a month ago, and 38 cents cheaper than this time last year. Tennessee's average of $2.67 is 3 cents cheaper than last week, 28 cents cheaper than a month ago, and 39 cents cheaper than this time last year.

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday

Saturday

Week Ago

Month Ago

Year Ago

National

$2.893

$2.903

$2.933

$3.163

$3.206

Florida

$2.878

$2.886

$2.913

$3.196

$3.224

Georgia

$2.811

$2.820

$2.843

$3.122

$3.192

Tennessee

$2.671

$2.681

$2.700

$2.947

$3.059

This article originally appeared on Santa Rosa Press Gazette: Gas prices decline 7 consecutive weeks


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