Ga., S.C. gas prices continue to fall along with U.S. average

(WENDELL FRANKS)
Published: Dec. 5, 2022 at 10:00 AM EST|Updated: Dec. 5, 2022 at 6:27 PM EST
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AUGUSTA, Ga. (WRDW/WAGT) - Georgia and South Carolina gas prices have decreased in the past week, shown in AAA’s Monday update.

Compared to the national average, Georgia drivers are now paying $3 less to fill up at the pump compared to last month. For a regular 15-gallon tank of gas, it now costs about $44.40 to fill up.

“Pump prices have steadily decreased across Georgia over the past few weeks,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Declining crude oil prices continue to be the single largest factor influencing gas prices, as well as the Governor’s executive order to extend the suspension of the state diesel and gas taxes through December 11th.”

Georgia’s AAA gas price average is currently $2.96, decreasing by 8 cents per gallon for regular unleaded fuel in the past week.

According to AAA, Augusta saw a 6-cent decrease from last week’s price, with our current price of $2.92 still beating most of the Peach State.

South Carolina’s price decreased by 9 cents cent in the past week, with a current average of $3.04 per gallon, according to AAA.

In Aiken and Edgefield counties, the price is currently $3.09, which has decreased 9 cents in the last week.

According to AAA, the national average gas price per gallon has decreased by 15 cents in the past week, making the price $3.40.

When the national price reached $3.47, it was the first time the national average had been below $3.50 since February when Russia started its invasion of Ukraine.

Other factors are also responsible for this downward trend at the pumps, including fears of a U.S. recession and China’s COVID-19 lockdowns.

Some analysts predict gas prices will keep falling as we head toward the end-of-the-year holiday season.

GasBuddy said they could drop below $3 per gallon by Christmas.

Patrick De Haan with GasBuddy said with oil prices “struggling a bit” after reaching $93 after the OPEC+ decision to cut production, many regions could see falling gas prices again this week as demand continues to decline seasonally, “especially if more data points to a significant economic slowdown.”