Gas prices begin to drop for first time in 2018

Analysts say prices at the pump are poised to quickly move lower - at least for a while - because crude oil has plunged to its lowest cost of the year. The national average has increased 3.7 cents per gallon during the last month and stands 29.4 cents per gallon higher than this day one year ago.

According to GasBuddy.com, average retail gasoline prices in the Harrisburg area have fallen 2 cents a gallon in the past week, averaging $2.83 a gallon.

GasBuddy compiles prices at 147 stations here to calculate its countywide average.

"The wait is over - 2018's first weekly drop at gas pumps has arrived with the national average losing ground in the last week", said Patrick DeHaan, head of petroleum analysis for GasBuddy. The website credits significant swings in the stock market and oil prices falling below $60 a barrel. Today's price is 3 cent less than last week, 6 cents more than a month ago and 30 cents more than a year ago.

"The motorist has heard of the gas tax going up that is one piece of the puzzle the other two is the price of oil but also oil inventory which has plummeted".

For 78 percent of states, that meant gas prices were less expensive than the previous Monday, according to AAA.

The crude price plunge could push gasoline prices 10 cents to 15 cents lower for a little while, travel club AAA said in its weekly gas price update.

"These factors have opened the door for perhaps a brief window of relief at the pump that may last for several weeks". "But I don't expect prices to bump up five cents in the next week", Casselano said. In addition, GasBuddy.com is reporting the most affordable gas in the county is $2.25 on Peachtree Industrial Blvd in Peachtree Corners and along Stone Mountain Hwy in Snellville.

Vanessa Coleman

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