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Published Tuesday, February 09, 2010 in Local

Gasoline prices slowly dropping in area

By Sarah Fay Campbell

The Newnan Times-Herald

Gasoline prices have been slowly dropping, and even reports of historic blizzards in the mid-Atlantic don't seem to be doing much to change that.

According to fuelgaugereport.com, the metro-Atlanta area average price for regular unleaded was $2.508 on Monday. That's down from $2.515 on Sunday, $2.525 a week ago, and $2.661 a month ago.

Regular unleaded gasoline could be had in the range of $2.38 Monday at some locations in Newnan.

It's still much more expensive than last year. On Feb. 2, 2009, the Atlanta average price was a mere $1.799.

Last week, crude oil prices rose because of reports of colder weather, according to the Gas Buddy Blog by Patrick DeHaan.

However, a day later, "oil lost all its gains on news of Central Bank concerns in Europe and a stronger dollar."

On Friday, the sell-off gained momentum, DeHaan said.

On Monday, crude oil futures prices were up slightly on the New York Mercantile Exchange.

Monday afternoon, futures for March delivery were trading at $71.83, up $.64 for the day.

Though crude is up slightly, most signs point to prices continuing to drop.

The dollar is contributing to strengthen against the Euro, and last week was trading at prices not seen since May 2009. Because oil is bought and sold with dollars, a weaker dollar means more expensive oil.

Though cold weather doesn't do much to affect demand for gasoline, it does increase demand for heating oil.

Early severe winter weather likely played a part in the late December rise in crude oil prices, according to "This Week in Petroleum" by the U.S. Department of Energy.

The weather, along with increased optimism about the U.S. economy, raised prices in December and January.

But by mid-January, things had moderated, according to the DOE. Future weather and the pace of economic recovery will continue to be an influence, according to "This Week in Petroleum," while "high inventories and lackluster demand, among other factors, will tend to restrain prices."

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