Business & Tech

Georgia Gas Prices Drop, OPEC to Discuss Oil Production

Are the current prices reasonable enough in your opinion? What can we expect from today's OPEC meeting?

If you have been following the daily Cheapest Gas feature on Northeast Cobb Patch, you probably have noticed that local gasoline prices have dropped during the past week. The cheapest gas you could find in Northeast Cobb was $3.72 per gallon a week ago, compared to what you could find today, $3.54 per gallon, which is 18 cents lower.

The Atlanta Business Chronicle reported that Georgia’s gasoline prices went down 7 cents in the past week, according to AAA Auto Club South.

The travel organization's data shows that Georgia’s average price per gallon is $3.62, compared with $3.69 a week ago, $3.88 a month ago and $2.58 a year ago.

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Meanwhile, the national average price is also down, 2 cents, in the past week. One gallon of unleaded regular gasoline is now $3.77, compared with $3.79 a week ago.

If you are trying to make sense of all the numbers and figure out what to expect in the next few weeks as consumers, now is probably the time to take a look at the big picture.

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The Wall Street Journal reported Monday that crude-oil futures declined to below $100 a barrel for the "first time in almost two weeks", influenced by speculations that the 12-nation Organization of Petroleum Exporting Countries (OPEC) will increase production targets after its Wednesday meeting in Vienna.

The New York Times said that oil prices have increased by more than 35 percent in the past year largely due to the unrest in Libya and other producing nations in the Middle East. It also reported that OPEC has not raised the production quotas since December, 2008. However, there are "signs that Saudi Arabia and other oil producers are beginning to raise production modestly to help meet global demand," with some limits OPEC will have to face, said the NYT.

The WSJ said that OPEC may "at least consider raising its outdated production ceiling...to legitimize some 1.5 million barrels a day of output above the agreed level."

And as consumers, we shall expect more news coming from today's OPEC meeting on its future plan for global oil production, which will have an impact on how much we pay for gasoline, thousands miles away from Vienna. Meanwhile, Patch will continue to keep an eye on local gas prices to help you save money.


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