Gas prices decline by a dime in Georgia, South Carolina
AUGUSTA, Ga. (WRDW/WAGT) - Mirroring a national downward trend, gas prices have dropped by more than 10 cents in the past week in Georgia and South Carolina.
AAA reports the average price Monday in Georgia is $3.761 per gallon, down from $3.86 a week ago and $4.293 a month ago. Augusta saw even more of a decline, with prices averaging $3.711 per gallon on Monday, down from $3.826 a week ago and $4.225 a month ago.
In South Carolina, the average price Monday is $3.753 per gallon down from $3.857 a week ago and $4.082 a month ago. Prices in Aiken and Edgefield counties on Monday are averaging $3.794 on Monday, down from $3.896 a week ago and $4.155 a month ago.
On Monday, the national average stands at $4.114 per gallon, according to AAA.
GasBuddy analyst Patrick De Haan says we may have seen the worst of the increases in gas prices, which started spiking dramatically a few weeks ago.
“It remains possible that gas prices may have hit their 2022 peak, barring the typical caveats like the Russia war on Ukraine, the economy, hurricane season and COVID don’t take drastic and unexpected turns,” De Haan said.
Industry analyst Trilby Lundberg credits reduced demand in the second half of March for the drop in prices.
In a bid to reduce spiking energy prices, President Joe Biden last month ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months.
On Thursday, the International Energy Agency said that its member countries are releasing 60 million barrels of oil from their emergency reserves.
The increased supply is expected to send prices down.
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