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Published Saturday, August 29, 2009 in Local

Gasoline price roller coaster continues

By Sarah Fay Campbell

The Newnan Times-Herald

The gas price roller coaster continues, and there are no signs of it stopping.

When Federal Reserve Chairman Ben Bernanke made optimistic comments about the economy on Aug. 21, it sent the New York Stock Exchange, and stock markets all over the world, higher.

"When all the markets go up broadly, that also raises the price of crude," said Gregg Laskoski of AAA Auto Club South, which tracks gas prices. Bernanke's comments sent crude oil to its highest close of 2009, at $73.89 a barrel.

Crude closed Friday at $72.74 a barrel.

Those crude price levels sent pump prices a bit higher, but things are already starting to drop.

According to fuelgaugereport.com, the average price for regular unleaded in metro-Atlanta was $2.48 on Friday, down from $2.485 on Thursday. A week ago, the average was $2.476, and a month ago, it was $2.403.

So while prices continue to bob up and down, they are staying in a fairly narrow range.

Along Bullsboro Drive Friday, prices ranged from $2.399 to $2.499.

Big travel holidays always increase demand for fuel, and Labor Day is no different.

However, analysts are predicting that fewer people will be traveling this Labor Day.

AAA is predicting a nationwide decrease of 13.3 percent in Labor Day travel, compared to 2008. In Florida, Georgia, and Tennessee, a 22 percent decrease is anticipated.

Laskoski said the main reason for the decrease is because Labor Day is falling so late this year -- later than it has since 1998.

However, "even with the decrease, it is projected to be the third busiest Labor Day weekend of the decade," he said.

AAA predicts that 1.01 million Georgians will travel at least 50 miles from home Labor Day weekend. Nearly all are expected to travel by automobile.

Only 39,000 are expected to travel by air, even though airfares are predicted to be down 17 percent over last year.

Lodging will be cheaper this year, too. Rates are expected to decline by 12 percent over last year, Laskoski said.

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