In this photo illustration, a gas pump is filling up a vehicle at a Chevron gas station on December 05, 2022 in Houston, Texas. U.S. gas prices have dropped towards $3 a gallon, with global gas prices having steadily dropped since June. (Photo by Bra
ATLANTA - Georgia drivers are seeing some relief at the pump as prices fall, while the national average for regular gas has slipped below $4 a gallon.
Georgia prices decline
What we know:
Gas prices are falling across Georgia, with Atlanta drivers paying an average of $3.48 per gallon Monday, down 9.1 cents from a week earlier, according to GasBuddy. The Atlanta average is 31.1 cents lower than a month ago but 72.2 cents higher than a year ago.
The statewide average was $3.44 per gallon, down 10.1 cents in a week. GasBuddy reported the cheapest Atlanta-area station at $2.99 per gallon and the most expensive at $4.99. Across Georgia, prices ranged from $2.93 to $4.99.
Macon’s average was $3.36 per gallon, while Chattanooga’s was $3.28. Atlanta’s average a year ago was $2.76 per gallon, according to GasBuddy’s historical data.
National average falls below $4
AAA put the national average for regular gas at about $3.98 per gallon Tuesday, down 3 cents from Monday, 17 cents from a week ago and 39 cents from a month ago. It was the first time the AAA average had fallen below $4 since July.
RELATED: Gas prices drop under $4 a gallon for the first time since July
GasBuddy’s Monday report showed a national average of $3.96, down 15.9 cents in a week. The two figures differ slightly because they are separate daily averages from different providers. GasBuddy said its average had fallen below $4 for the first time since early August.
Despite the recent drop, prices remain well above last year’s levels. GasBuddy put the national average at 92.2 cents higher than a year ago. Diesel averaged $6.19 per gallon, down 9.5 cents in a week.
Seasonal factors and economic pressures
GasBuddy petroleum analyst Patrick De Haan said the recent decline is driven by seasonal patterns, including lower demand as temperatures cool and refineries increasing production after maintenance. He said the election did not cause prices to fall, noting that gas prices have typically declined in the month before an election.
The national report also cited easing concerns about renewed military escalation with Iran, as well as the switch to cheaper winter-blend gasoline, as factors behind the drop. The conflict has disrupted global oil trade and contributed to concerns about fuel costs.
The latest decline comes as consumers continue to face broader cost pressures. The Consumer Price Index rose 0.4% in October after increasing 0.6% in September, according to the Bureau of Labor Statistics. The energy index rose 0.7% in October, so the latest gasoline-price declines may offer relief in the months ahead but did not drive that month’s overall inflation reading.