CUMMING, Ga. — With the announced ceasefire in the Iran war, crude oil prices have dropped from around $109 a barrel to $92. However, in Georgia, the price of gas hasn’t gone down. In fact, on Wednesday, the average price was up a penny to $3.74 a gallon according to AAA Georgia.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
“Price drops don’t happen overnight. But steady, lower oil prices are a good sign for drivers,” said AAA Georgia representative Montrae Waiters.
Waiters told Channel 2’s Tom Regan that it usually takes two to four weeks for lower oil prices to show up in significant price reductions at the pump.
“Price drops tend to move more slowly than price increases because the fuel is already in the supply chain. It must be sold first. So, gas stations are selling fuel they bought earlier at a higher price, so prices don’t drop right away,” said Waiters.
TRENDING STORIES:
- Feds raid several dermatology centers in Georgia, Tennessee
- Metro Atlanta teens killed in Spring Break crash identified
- 1-year-old dies in home; metro Atlanta kids left alone 12 hours without food
Experts say with volatility in the Middle East, it could take months for the price of gas to drop to $3 a gallon, prolonging the pain at the pump. Drivers getting gas at the Marathon gas station in Cumming, crumbled as they looked at the $3.79 price.
“It costs quite a bit of money to go to work and back, so yes, I’m over it,” said driver James Cavaliero.
Hope Winogrod says she can’t afford to fill her tank, just like many others she sees.
“I’m looking around, and everyone is putting in just five dollars, ten dollars. I’m only putting in a few dollars at a time, hoping it’s going to change,” said Winogrod.
Georgia AAA says since the Middle East conflict began, the price of a gallon of regular gas has shot up about a dollar. Meaning it will cost the average driver around 15 dollars more to fill their tank.
[SIGN UP: WSB-TV Daily Headlines Newsletter]