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Gas prices go down in Coweta


  • By Joe Adgie
  • |
  • Nov. 23, 2021 - 7:45 PM

Gas prices go down in Coweta

The Newnan Times-Herald

Two weeks ago, it went down. Last week, it went up. This week, gas prices in Coweta County have gone down as crude oil prices are starting to come down.

On Monday, according to AAA’s gas price tracker, the average price for regular unleaded in Coweta County was $3.250 on Monday, down from $3.260 last Tuesday. Two weeks ago, the average was $3.239, and three weeks ago, it was $3.242.

Statewide, the average has dropped nearly two cents from week to week, dropping from $3.256 last Monday and $3.253 last Tuesday to $3.236 on Monday. Two weeks ago, the average was $3.239, and three weeks ago, it was $3.242.

Last month, the average was $3.225, and this time one year ago, the average sat at $1.951.

In the metro Atlanta region, the average price of regular unleaded on Monday was $3.261, down over two cents from last Tuesday, when it was $3.283. Two weeks ago, the average sat at $3.259, and three weeks ago, it was $3.255.

One month ago, the average was $3.231, and this time one year ago, it was $1.956.

The price drops are more accelerated in Georgia than the national average. The average price of regular unleaded across the U.S. on Monday was $3.409, down from $3.411 last Tuesday, but up from $3.408 on Sunday. Two weeks ago, the average was $3.419 and three weeks ago it was $3.401.

One month ago, the national average price was $3.378 and at this point last year, the average was $2.111.

Last week, the price of West Texas Intermediate, the U.S. indicator of crude oil prices, dropped below the $80 mark for the first time since the Labor Day weekend, sitting at $77.09 as of 11:30 a.m. on Monday.

Those crude oil prices have seen a downward move due to fears of slowing economic activity in the U.S. and Europe due to a resurgence of the COVID-19 pandemic, along with reports that the Biden administration has called for a simultaneous release of stockpiled oil by large oil-consuming nations, including the U.S., China, Japan and South Korea.

“The price of crude oil accounts for about 50 to 60 percent of what consumers pay at the pump, so a lower oil price should translate into better gasoline prices for drivers,” said Andrew Gross, AAA spokesperson, in a press release. “But until global oil production ramps back up to pre-pandemic levels, this recent dip in the price of crude may only be temporary.”

According to a report from the Energy Information Administration, domestic gasoline stocks dropped by 700,000 barrels to 212 million barrels last week. Gasoline demand also dropped from 9.26 million barrels a day to 9.24 million barrels a day. The decrease in demand, along with the slower decrease in gas stocks have helped steady pump prices.