After roller-coaster ride, gas is now cheaper than a year ago

(WENDELL FRANKS)
Published: Dec. 8, 2022 at 10:02 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

AUGUSTA, Ga. Gas prices soared to record levels in 2022, but after all that pain at the pump, fuel is now cheaper than it was a year ago.

The national average cost of regular unleaded in the U.S. is now $3.33 a gallon, compared to $3.34 a year ago, according to AAA.

It’s also cheaper in the two-sate region than a year ago.

The current average in Georgia is 2.93, compared to $3.17 a year ago. In Augusta, the current average is $2.89.

Across the Savannah River, the current average in South Carolina is $3, compared to $3.03 a year ago. The current average in Aiken and Edgefield counties is $3.04.

Nationally, the record high came in June, with gas hitting just over $5 a gallon.

Since then, a slowing economy and recession fears have helped pushed down demand, resulting in a sharp drop in prices.

Average prices in the U.S. dropped by 14 cents in the past week and 47 cents in the past month.

Certain factors could push prices back up, including the war in Ukraine and Vladimir Putin’s potential response to Europe’s oil embargo and new price cap.

Also, OPEC could slash production again, and demand from China could rebound faster than expected.