Average retail gasoline prices in the Savannah metro area have fallen 6.1 cents a gallon in the past week to $2.08 a gallon on Sunday, according to GasBuddy’s daily survey of 262 gas outlets in Savannah.
The national average has fallen 5.4 cents a gallon in the last week to $2.12, according to gasoline price website GasBuddy.com.
Prices Sunday in Savannah were almost $1.22 a gallon lower than the same day one year ago and were 47.8 cents a gallon lower than a month ago. The national average has decreased 48.6 cents a gallon during the last month and stands $1.19 a gallon lower than this day one year ago.
“Since last week, some 12,000 stations dropped their price under $2 a gallon, with 45.1 percent of all gas stations (nearly 61,000) now selling under the $2 mark. The national average currently stands at its lowest since May 9, 2009, a date that saw 8.9 percent unemployment,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “This time around, the drop in gasoline is far more joyous and isn’t overshadowed by a polar plunge in the economy.”
And it doesn’t stop there, DeHaan said.
“Overnight, the average price for diesel fuel in the U.S. dropped under $3 a gallon for the first time since Oct. 2, 2010, and will shed yet another 25-50 cents per gallon before reaching a bottom,” he said. “Meanwhile, various domestic mid-continent crudes have dropped to the $30 a barrel range, or in the “danger zone” – territory where oil companies are starting to cut back on operations – a zone that could ultimately result in a slingshot back in prices down the road.”
