How low will it go? Gas prices reach a 5-year low

There is no clear end in sight for the steady fall in gas prices over the last few months, experts…

Georgia (Jan 6, 2015)There is no clear end in sight for the steady fall in gas prices over the last few months, experts say. 


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On Monday, the average price of a gallon of gas in Georgia fell to $2.26 after almost six consecutive months of falling prices, according to AAA.

The national average is $2.38 per gallon, which is the lowest since May 2009, according to AAA. That price is a dollar less than the national average of $3.26 in December 2013.

In the second half of 2014, gas prices fell for 88 days straight between Sept. 25 and Dec. 22, breaking the national record. The previous record was set in 2008 during the Great Recession when gas prices fell 86 days in a row, AAA reports.

Roger Tutterow, an economics professor at Kennesaw State University, said the prices are likely to continue dropping, even reaching as low as $2 soon.

“Oil prices can be quite volatile. They respond to not only economic fundamentals and also speculation and geo-political events. It looks like — in the near term at least — cheap oil will likely be the story,” Tutterow said.

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