Valdosta gas prices dip a bit

Mar. 22—VALDOSTA — The price of gasoline slipped slightly in Lowndes County during the last week.

The average price of a gallon of regular gasoline in the Azalea City earlier this week was $3.21, down three cents during the last seven days, according to the AAA Daily Fuel Gauge Report.

The lowest gasoline price reported in Valdosta was $2.99 per gallon at a Baytree Road store, according to the price tracking website gasbuddy.com.

Valdosta had the seventh-highest average gas price among the 15 Georgia markets monitored by AAA: lower than Savannah, Macon, Hinesville, Brunswick, Augusta and Atlanta by above Warner Robins, Rome, Gainesville, Dalton, Columbus, Catoossa, Athens and Albany.

Nationally, the average price of gasoline was $3.44 per gallon, down three cents over a week, while Georgia's average of $3.22 per gallon was down four cents in the same period, the auto club said.

"Given that the cost of oil accounts for 55% of what we pay for gas, it's fair to wonder how soon prices will drop at the pump," said Andrew Gross, AAA spokesperson. "But gas stations paid for the fuel that is in their underground tanks weeks ago, when oil was nearly $15 more a barrel. So it will take time for any savings due to cheaper oil to be seen at the pump. And that is assuming the oil price does not rise again."

In market action earlier this week, benchmark U.S. crude oil for April delivery rose $1.69 to $69.33 a barrel. Brent crude for May delivery rose $1.53 to $75.32 a barrel.

Wholesale gasoline for April delivery was unchanged at $2.54 a gallon. April heating oil was also unchanged at $2.69 a gallon. April natural gas rose 13 cents to $2.35 per 1,000 cubic feet.

Terry Richards is the senior reporter for The Valdosta Daily Times.