Labor Day gas prices lowest in four years

by Sarah Fay Campbell

By Sarah Fay Campbell sarah@newnan.com

Gas prices have dropped, on average, 10 cents a gallon in the past month; the drop is on track to result in the cheapest Labor Day Weekend gasoline since 2010, according to AAA.

The Georgia state average price for regular unleaded was $3.332 on Wednesday, compared to $3.434 a month ago, according to AAA’s FuelGaugeReport.com website. The national average was $3.431 Wednesday, compared to $3.527 a month ago, and $3.542 a year ago.

In Newnan on Wednesday, regular unleaded could be had for as cheap as $3.24 for cash customers at one station and club members at another, and $3.27 for members of the general public.

Other stations were offering regular unleaded for as high as $3.49, according to GeorgiaGasPrices.com .

"Record high oil production is keeping downward pressure on gas prices," said Mark Jenkins of AAA. "The bottom fell out again on oil prices last week, which should lead to another week of discounts at the pump despite rising demand, as 29.7 million Americans plan to take a road trip for Labor Day weekend.”

U.S. refineries are processing the most petroleum for this time of year since 1989, primary due to the boom in production from shale, which has boosted U.S. oil production by 64 percent in the last five years.

The price of West Texas Intermediate crude oil settled at $93.65 on Friday, the cheapest settlement since January, according to Jenkins.



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