Created: Mon, 12 Aug 2013 10:23:00 EST
Updated: Mon, 12 Aug 2013 10:30:50 EST
Pump prices are moving in a positive direction for motorists and are now below year-ago levels, according to a continuing survey from AAA, the Auto Club Group.
In the Southeast, motorists are paying an average of 11 cents less than they did a year ago today.
The cost for a barrel of oil still holds strong at more than $100 as positive economic news in China and geopolitical tensions keep prices elevated. However, retail gas prices look to be on a downward trend that could last into Labor Day weekend.
U.S. refinery output jumped as more refineries went back online and the increased gasoline supply has led to lower wholesale and retail prices.
The nation’s gas stockpiles rose by 135,000 barrels in the first week of August to 224 million barrels, the most since 1990 according the Energy Information Administration.
"Motorists witnessed a lot of price volatility at the pump since the start of the year, but so far the national average has not surpassed its high of $3.79 on February 27,” said Jessica Brady, AAA spokeswoman.
"Although the year isn’t over, gas prices look like they’re starting to move on a downward trend that could continue into the upcoming holiday weekend, barring a significant storm or violence in the Mideast that disrupts supply,” she said.
In Georgia, the price of a gallon of regular unleaded gas is $3.455, compared with $3.517 a year ago. Georgia’s average of $3.46 decreased 3 cents from last Sunday.
The national average price of regular unleaded gasoline is $3.56, 6 cents less than last week.