Motorists should soon catch a break from rising gas prices. Oil and gasoline futures prices plunged after Russia and Saudi Arabia expressed interest in raising oil supply.

“This news couldn’t come at a better time, as motorists roll into the summer driving season,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “The drop in crude should amount to a discount of at least 10 cents at the pump, in the short term. Yet that will not happen overnight. Retailers are usually slow to lower prices, especially those who bought shipments of gasoline when prices were at a premium.”

Gas prices in Georgia increased 6 cents during the past week. The state average on Memorial Day was $2.84 – the most expensive for the holiday since 2014, when the average price was $3.62 per gallon.

Georgia motorists are paying 61 cents more per gallon than a year ago. It now costs $43 to fill an average size tank of gasoline – an increase of nearly $10 from this time last year.

• The most expensive gas price averages in Georgia are in Atlanta ($2.90), Gainesville ($2.88), Athens ($2.87)
• The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.71), Warner Robins ($2.71), Catoosa-Dade-Walker ($2.72)

Oil Prices Hit Multi-Week Lows

Crude oil prices declined late in the week after Saudi Arabia and Russia discussed raising oil output by as much as nearly 1 million barrels per day. A decision is not expected until June 22-23. Saudi Arabia and Russia have been part of a voluntary production cut agreement among both OPEC and non-OPEC oil producing countries. The agreement called for a reduction of 1.8 million bpd in the market. The effort to reduce the global oil glut and raise oil prices worked faster than expected. In fact, there are now fears of a supply shortage, as Venezuela’s oil market has collapsed, and new sanctions against Iran will reduce its contributions to global supply.

Early last week, U.S. oil prices traded at 3.5-year highs of nearly $73 per barrel. On Friday, crude prices plunged below $68 – the lowest daily closing price in three weeks. Overnight, WTI fell below $67. Oil has not settled below $67

Gas Price Tools for Reporters/Consumers

• GasPrices.AAA.com – Daily national, state, and metro gas price averages.
• AAA Mobile app – Free app that shows current prices at a gas station near you.

                             CURRENT AND PAST PRICE AVERAGES

                                           Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.970	$2.970	$2.927	$2.804	$2.371	$4.114 (7/17/2008)
Florida	$2.909	$2.913	$2.820	$2.739	$2.307	$4.079 (7/17/2008)
Georgia	$2.843	$2.843	$2.784	$2.727	$2.228	$4.164 (9/15/2008)
Tennessee	$2.727	$2.728	$2.670	$2.589	$2.114	$4.118 (9/15/2008)
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.5 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.  ACG belongs to the national AAA federation with more than 58 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.