GAS PRICES TAKE LATE OCTOBER DIP

Written by Elizabeth Davis. Posted in News & Weather

Gas prices are back down following a jump with the announcement that the federal government shutdown has ended, according to AAA, The Auto Club Group.

US inventories rose 5.25 million barrels last week to 381 million barrels, the most since June as revealed by the Energy Information Administration.  Current production is up about 6 percent as well.  Talks to suspend sanctions against Iran could increase global oil supply and place downward pressure on fuel prices.  The current national average of $3.29 is the lowest daily average so far for October.

AAA spokeswoman Jessica Brady states, “Gas prices will likely move lower this week and may continue the downward trend into November.  Supply and demand numbers are bearish and the easing of sanctions against Iran will also push prices lower in the coming weeks  Overall, pump prices should be pretty affordable come the Thanksgiving holiday weekend.”

The cost for a barrel of oil closed last Friday at $97.85 on the NYMEX, $2.96 less than the week prior.

The national average price of regular unleaded gasoline, again, is $3.29, six cents less than last week.  Georgia’s average of $3.26 fell four cents from last week.

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