By Atlanta Business Chronicle

Gas prices in Georgia are down 1 cent from last week, following a drop in crude oil prices that tailed reports of slowed economic recovery, AAA Auto Club South reported.

The average price per gallon of gasoline in the Peach State is $2.62, compared with $2.63 last week, $2.59 a month ago and $2.47 a year ago, according to AAA.

The national average price of unleaded regular gasoline is $2.73 a gallon.

A report July 2 from the U.S. Labor Department showed national payrolls decreased by 125,000 last month -- a sign the economy is improving at a much slower pace than expected. China also released a report last week showing manufacturing gains increased at the slowest pace in 16 months.

The reports caused the price of crude oil to drop $6.72 to settle Friday at $72.14 a barrel on the New York Mercantile Exchange.

Consumers paid lower retail gasoline prices this holiday weekend than many expected and can expect to see the lower prices continue throughout the next couple of weeks, AAA said.

Copyright 2010 American City Business Journals
Copyright 2010