Despite international tensions with Iran over exploding oil tankers in the Gulf of Oman on June 13, American gas prices have continued to decline.
According to GasBuddy’s daily survey of 5,883 stations on June 17, Georgia gas prices sunk by 4.6 cents per gallon in the past week, averaging $2.40 per gallon. America’s average gas price has decreased 6.2 cents per gallon in the past week, averaging $2.67 per gallon today.
"For the sixth straight week, gasoline prices have declined nationally, a feat not often seen heading into the prime of summer driving season,” GasBuddy’s head of petroleum analysis Patrick DeHaan said in a news release. “Not a bad summer to be hitting the road as Americans are spending nearly $100 million less every day on gasoline than a year ago.”
Gas prices this week are 19.7 cents per gallon less than last month and 30.5 cents per gallon lower than last year. The national average gas price cost 19.3 cents per gallon more.
“We’re never quite sure why gas prices go up or down” UGA professor of agricultural & applied economics Jeffrey Dorfman said. “But the general thought at the moment is that production is up, particularly because of increases in production in the United States, and that because of economic slowdowns in parts of Europe and China, that world demand has been a little weak. Good supply, a little weak demand, and you have low prices.”
The low gas prices are helping some UGA students with their summer plans. Serena King, a rising sophomore majoring in world language education and German is has plans to drive more than 10 hours back to her home state of Pennsylvania. The trip is over 500 miles and King is thankful that the gas prices are declining.
“Being from Pennsylvania, the gas was always super expensive so it’s really nice that it's going down,” King said. “Being used to spending so much on gas is terrible.”