Gas prices take a star-spangled slide

Published 10:00 am Monday, July 4, 2016

File photo

VALDOSTA, Ga. — Lowndes County went into the Fourth of July with gasoline prices on the slide.

The lowest price in the city Sunday for a gallon of regular fuel was $1.89 at a convenience store on West Hill Avenue, according to the gas tracking website gasbuddy.com. The number of retailers offering gas for under $2 a gallon jumped from 30 a week ago to 37 Sunday, gasbuddy said.

The average price for gas in Valdosta Sunday was $2.04 a gallon, down three cents from seven days earlier, according to the AAA Daily Fuel Gauge report. Nationally, average prices slid from $2.31 last week to $2.27 Sunday, while Georgia’s average fell from $2.18 to $2.13 in the same period, the auto club said.

This year’s summer driving season is likely to set new records for both gasoline demand and vehicle miles traveled, and the latest data from shows that gasoline demand is at an all-time high, said AAA.

In energy futures trading, benchmark U.S. crude fell $1.55, or 3.1 percent, to close at $48.33 a barrel in New York Friday. Brent crude, used to price international oils, slid 93 cents, or 1.8 percent, to close at $49.68 a barrel in London. Wholesale gasoline fell 2 cents to $1.50 a gallon, while heating oil shed 5 cents to $1.48 a gallon. Natural gas rose 6 cents to $2.92 per 1,000 cubic feet.

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Terry Richards is senior reporter at The Valdosta Daily Times.