Gas prices continue to decline

SMYRNA, Ga. — There is some good news for motorists throughout the Southeast: The price of gas continues to decline.

“The good news is retail gas prices continue to drop and are forecast to retreat throughout the month,” Jessica Brady, AAA spokeswoman, said in a news release. “Pump prices are expected to drop again this week.”

According to AAA:

Oil prices remained relatively stable last week after hopes of an economic stimulus pulsed through the market. Speculators are optimistic central banks will make decisions to help bailout financially strapped countries. Europe’s continued financial crisis threatens to curb global economic growth at a time when major economies are slow to recover. The price of a barrel of oil closed Friday at $84.03–7 cents less than the week prior.

Although a sense of optimism kept oil prices from falling last week, retail gasoline prices continue to retreat week after week. Signs continue to point to lower prices at the pump in the coming weeks after US manufacturing and consumer sentiment fell more than forecast. Consumer sentiment dropped to 74.1 from 79.3 in June, according to the Thomson Reuters/University of Michigan index. Although lower pump prices have made it more affordable for many families to travel this summer, consumers are still dealing with tight budgets and being as frugal as possible.

Gas prices in Georgia this week checked in at $3.268 per gallon, down from $3.307 a week ago, $3.491 per gallon a month ago and $3.583 per gallon a year ago.

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