Gas prices falling, still well above $3 - DC News FOX 5 DC WTTG

Gas prices falling, still well above $3

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Georgia gas prices have fallen in the last week, but still remain well above $3 a gallon.

At Medlock Gulf in Decatur, the price of regular gas dropped 5 cents overnight Tuesday – a welcome sight for consumers like Jessica Wall, who has watched prices soar in recent weeks.

"I think every consumer is having to count every penny. We've actually gone to an all-cash budget, so it means more to us now than it has every before," said Wall.

The price at the QuikTrip on North Druid Hills Road was $3.77 a gallon -- a decrease of 17-cents in exactly two weeks.

Auto club group AAA reports that the national weekly average for regular gas did not go up for the first time in 10 weeks. Gas prices will likely not drop substantially, but drivers should see some stability and continuing price decreases over the next few weeks, according to AAA.

Small business owner Alan Coley knows he and others wishing for a decline below $3 may be disappointed.

Medlock Gulf owner Karl Jaeger expects a variety of factors to keep prices north of $3.

"I would see before the elections, they'll probably drop another 10 to 15 cents a gallon, but I don't see it going much lower than that," said Jaeger.

He and other station operators say they generally make only a few pennies a gallon in profit on gas sales, despite the high prices.
Experts say the gas price decline is mainly the result of a return to refining and production on The Gulf Coast, combined with a drop-off in demand and a return to winter-blend fuel.

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