Average retail gasoline prices in Savannah have risen 0.3 cents a gallon in the past week to $2.70 a gallon on Sunday, according to GasBuddy’s daily survey of 262 gas outlets in Savannah.
The national average has fallen 2.1 cents a gallon in the last week to $2.78, according to gasoline price website GasBuddy.com.
Prices Sunday in the Savannah area were 66.8 cents a gallon lower than the same day one year ago and are 14.5 cents a gallon lower than a month ago. The national average has decreased 21.8 cents a gallon during the last month and stands 49.9 cents lower than one year ago.
“Oil prices have been demolished in the last 72 hours as OPEC decided against a production cut, which will open the flood gates to even more gas price declines,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “In my decade of watching oil and gasoline prices, I don’t think I’ve seen as steep a decline in a 48 hour time frame as what we saw on Thanksgiving Day and into last Friday as OPEC put off any decrease in production.”
DeHaan said he expects to see a 15- to 25-cent drop over the next several weeks with the national average near $2.50 by Christmas.