Local drivers see a 15-cent decline in fuel prices

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Published: Jul. 25, 2022 at 1:03 PM EDT
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AUGUSTA, Ga. (WRDW/WAGT) - As crude oil costs fall, gas prices are declining locally and across the country — a trend experts predict will continue.

The average U.S. price of regular-grade gasoline plunged 16 cents over the past week to $4.36 per gallon, while the average Monday in Georgia is $3.89 per gallon, down 15 cents from a week ago.

Prices are also down 15 cents over the past week in Augusta, to $3.80 on Monday.

Across the river in South Carolina, the average price Monday is $3.86 per gallon, down 16 cents over the week. In Aiken and Edgefield counties, the price Monday is 3.87, down 15 cents over a week.

The national average price has now declined for 40 straight days and is 70 cents per gallon below June 14, according to industry analyst Patrick De Haan with GasBuddy.

“I have no reason yet to expect the decline won’t reach seven straight weeks, as gas stations still have plenty of room to decline as oil prices remain under $100 per barrel,” he said.

Industry analyst Trilby Lundberg agreed.

“Further drops at the pump are likely as the wholesale gasoline price cuts continue making their way to street level,” Lundberg said.

In addition, drivers are cutting demand for fuel.

“Consumers appear to be taking the pressure off their wallets by fueling up less,” said Andrew Gross, AAA spokesperson.

De Haan noted that we’ll see economic data this week for the second quarter, and if it’s better than expected, oil may rally, slowing the descent.

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