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Gas prices drop and could go lower


  • By Joe Adgie
  • |
  • Sep. 15, 2021 - 10:44 AM

Gas prices drop and could go lower

The Newnan Times-Herald

Gas prices in Coweta County dropped one cent over the last week and could drop further.

On Tuesday, the average price of regular unleaded in Coweta County was $2.949 on Tuesday, exactly one cent lower from last week’s price of $2.959 one week before. Two weeks ago, the average was $2.975, and three weeks ago, the average price was $2.966.

Statewide, the average has gone down around a cent from a week ago. The average price of regular unleaded on Tuesday was $2.974, down from $2.983 one week before, but still up from $2.968 two weeks before. Three weeks ago, the average was $2.961.

Last month, the average was $2.962, and one year ago, while America was still trying to recover from the COVID-19 pandemic, the average was $2.018.

In metro Atlanta, the average price of regular unleaded has decreased as well, from $2.990 last week to $2.978 on Tuesday. Two weeks ago, the average price was $2.987, and three weeks ago, the average was $2.995.

Nationally, the average price of regular unleaded has also decreased, sitting at $3.177 on Tuesday, down from $3.186 one week before. Two weeks ago, the average was $3.159, and three weeks ago, the average was $3.152.

According to a press release from AAA, price increases from refinery shutdowns due to Hurricane Ida were offset by lower demand as the summer wound down into the fall.

AAA reported that refinery utilization is down almost 10 percent, and gasoline stock levels will likely remain tight until refineries affected by Hurricane Ida will resume their normal operations.

In an effort to ease tightened supplies, the U.S. Department of Energy announced it would release around 1.5 million barrels of crude oil at the U.S. Strategic Petroleum Reserve.

It is also possible that Hurricane Nicholas, expected to bring heavy rains and a storm surge to the Texas coast this week, could lead to increased pump prices.

“Timing is everything, and while supplies have tightened due to the slow recovery after Hurricane Ida, this is also the point when gas demand starts its seasonal decline,” said Jeannette McGee, AAA spokesperson, in a press release. “While there may be some price fluctuation, we expect most motorists to see stability at the pump.”

The price of WTI Crude, the U.S. indicator for crude oil prices, flirted with the $70 mark on Tuesday. As of around 11 a.m. Tuesday, the price of WTI Crude was $70.69, according to CNBC.