Published Saturday, July 04, 2009

Gasoline prices drop

By Sarah Fay Campbell

The Times-Herald

Gas prices have continued to drop, though slowly, since the price peak on Father's Day.

On Friday, the metro-Atlanta area average price for regular unleaded was $2.492, down from $2.541 a week ago. The state average was $2.481, down from $2.525 a week ago, and the national average was $2.627, down from $2.658.

A month ago, the metro-Atlanta average was $2.416.

Prices on Bullsboro Drive didn't vary much between Thursday and Friday. Race Trac was offering regular unleaded for $2.439 on both days.

On Thursday, the BJ's member price was a mere $2.399. The general public could get regular for $2.419 at the JP Marathon on Bullsboro.

The price surge that ended on Father's Day was a record 54-day streak, according to Tom Kloza of the Oil Price Information Service.

Most signs point to a continued decline in prices.

Crude oil prices for August delivery closed at their lowest level in a month on Thursday, according to Associated Press.

However, crude oil hit an eight-month high in midday trading Tuesday, though closing prices have fallen for five straight days, according to AP.

Thursday's low was likely related to a U.S. Department of labor report that showed a larger-than-expected job loss in June. Nationwide, 467,000 jobs were lost last month, and the unemployment rate rose by one-tenth of a percent.

Demand for gasoline continues to be low, and supplies are flush.