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Written by Matt Davis on November 30, 2015. Posted in News/Weather

Motorists enjoyed the lowest Thanksgiving gas prices in seven years, according to AAA, The Auto Club Group, which reports that gas prices declined throughout the holiday weekend as predicted.  The national average on Thanksgiving Day was $2.05 – 75 cents lower than last year.

AAA Spokesman Mark Jenkins states, “Gas prices have been falling at a rate of about a half cent a day, and if that pace continues, the national average will drop below $2 in the next two weeks.  But there is potential for the pump price plunge to slow after oil prices climbed a few bucks last week.”

The price of oil averaged $42.34 last week, $1.52 higher than the week before.  West Texas Intermediate closed as low as $41.71 and $43.04 at its peak.

Oversupply continues to be a dominant factor in keeping downward pressure on global oil markets.  In spite of geopolitical tensions and military action between Turkey and Russia, both the Brent and WTI benchmarks posted losses at the end of the week.  Turkey is a gateway for crude oil via the Caspian Sea, and the most recent incident could lead to significant disruptions in supply.  However, in contrast to previous years, the global market’s current oversupply appears to be mitigating any real impact of this event on the global oil market.

Today, 36 percent of gas stations nationwide are selling fuel below $2 a gallon.  Georgia’s current average is $1.98.

The national average price for gasoline has declined 23 consecutive days.  Gas prices have fallen for 20 consecutive days in Georgia.

Pump prices on Christmas Day are forecast to be well below last year’s holiday average of $2.32 here in the Peach State.

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