By Atlanta Business Chronicle

Gas prices dipped 1 cent in the past week in Georgia.

According to AAA Auto Club South, the average price per gallon of gasoline in Georgia is now $2.57, compared with $2.58 a week ago, $2.57 a month ago and $2.30 a year ago.

The national average price of unleaded regular gasoline is $2.72 per gallon.

Last week investors tried to push the price of crude oil closer to the $80 mark, but couldn't ignore reports showing a lag in U.S. fuel demand and a decrease in consumer sentiment. AAA noted. Crude oil settled Friday at $76.09 a barrel on the New York Mercantile Exchange, only 8 cents higher than last week.

Consumer sentiment dropped more than expected to the lowest level since August, while U.S. fuel demand dropped 4 percent last week -- the biggest decline since March, according to the U.S. Energy Department. At the same time, manufacturing gains dropped .04 percent in June.

"Crude oil is still stuck in the $70 to $80 range and this is good news for consumers since it means retail gas prices will remain relatively unchanged, at least for the next week or so," said Jessica Brady, AAA spokeswoman. "Unless a hurricane threatens refineries in the Gulf of Mexico or more positive economic reports are released, consumers can expect gas prices to stay within an affordable range."

Copyright 2010 American City Business Journals
Copyright 2010