VALDOSTA — Gasoline prices continued to drop in Valdosta over the past week, mirroring state and national trends.
The average cost for a gallon of regular gasoline in the Azalea City Tuesday was $2.89, down from $3.00 seven days earlier, according to the AAA Daily Fuel Gauge Report.
The lowest gas price reported in Valdosta Tuesday was $2.64 per gallon at a store on Norman Drive, while the lowest price reported in Tifton was $2.75 per gallon at a pair of stores on US Hwy. 82 West and Tift Avenue North, according to the price tracking website gasbuddy.com.
Valdosta was tied with Dalton Tuesday for having the fourth-least expensive gas prices among the 15 Georgia markets monitored by the auto club — more than Warner Robins, Catoosa and Albany but less than Savannah, Rome, Macon, Hinesville, Gainesville, Columbus, Brunswick, Augusta, Atlanta and Athens.
Nationally, the average price of gasoline Tuesday was $3.14 per gallon, down nine cents in a week, while Georgia’s average of $3.02 per gallon was down six cents in the same period, AAA said.
“Historically, crude oil tends to drop nearly 30 percent from late September into early winter with gasoline prices trailing the play,” said Andrew Gross, AAA spokesperson. “More than half of all US fuel locations have gasoline below $3 per gallon. By the end of the year, the national average may dip that low as well.”
In Tuesday’s market action, crude oil prices fell to take some more pressure off inflation. A barrel of benchmark U.S. crude lost 4.2% to $68.36. It had been above $93 in September but has been coming down amid worries about demand from the global economy failing to keep up with available supplies.
Brent crude, the international standard, fell 4% to $72.99 per barrel.