Metro Atlanta gas prices hover above $3 a gallon | News
SUWANEE, Ga. -- With regular gas prices hovering just above $3 a gallon, a milestone for metro Atlanta is near.
"Won't you be happy to pay two-something?" asked 11Alive's Jennifer Leslie.
"Absolutely. I can't wait," said driver Lee Skurow as he stopped to fill up at the RaceWay on Lawrenceville-Suwanee Road, where regular gas cost $3.05 on Sunday.
"For the past couple of months, it was almost four dollars," said driver Roy Waby. "So this is very good."
Stew Medlin made a special stop in Suwanee on his way from Buckhead to Lake Lanier to fill up his boat and his SUV.
"We know it's a lot cheaper in the suburbs than in the city of Atlanta," he said. "There it's $3.59 a gallon versus $3.05 a gallon. Any money saved is good money."
Analysts predict drivers will save more on gas in the coming weeks and months as the global economy continues to struggle.
"We've seen a slowdown in China. We see a recession building in Europe," said Wes Moss, Chief Investment Strategist at Capitol Investment Advisors. "We've seen slower economic numbers in the U.S. All of that global demand is now lower and slower. That means there's less demand for oil and energy. So naturally the price can come down."
Moss said oil prices have dropped almost 30 percent. By comparison, gas prices have fallen 12 percent, so there's more room to fall.
But there's a possible new threat to gas prices this week with Tropical Storm Debby churning in the Gulf.
"It threatens production, and you're going to see oil rigs close down," Moss said. "At this point, it's an unknown, and it doesn't look as though it's going to be big enough to really impact the price."
At a time when gas prices usually peek, summer drivers are seeing relief.
The average price for metro Atlanta on Sunday was $3.25, according to AAA. The average price for Georgia was $3.21, and the national average was $3.42.