Gas prices continue to fall in the Rockford area

In Georgia, motorists were paying Monday an average of $2.449, down 4.8 cents from last week and a drop of 90.7 cents from past year.

While gas prices have slid in the last month, oil prices have fallen even steeper, down 16% during the same period.

“On the other hand, if oil prices continue to fall and operations continue to run smoothly, you could see even larger drops in (the gasoline) price”, said Green.

He said some of these factors are reaching historic levels.

By law, Wisconsin gasoline retailers are allowed to raise prices only once every 24 hours, according to Attorney General Brad Schimel’s office.

Thanks to an American energy revolution that is boosting domestic supplies and a tepid global economy that is depressing demand, oil prices are at record lows.

AAA reports that the reason behind the price drop is that cheaper crude oil is driving down prices.

A state lawmaker in Michigan is calling for an investigation into the sudden price spikes.

Prices are averaging about $2.52 a gallon in a survey of 139 gas outlets in the Rockford area. Meanwhile wage growth in July was just 2.1 percent higher than the previous year, according to federal employment data.

In Rutherford County, the current average is $2.17, which is a dime less than last week.

A problem at BP’s Whiting, Ind., refinery is blamed for sending gasoline prices skyrocketing across the Great Lakes states. That refiner represents 10% of the state’s refining capacity and 20% of Southern California’s capacity.

The price of oil averaged $45.72 the week gas prices hit their 2015 low from January 26-31. Gas hasn’t been below the $2 mark since 2009, when the U.S. was in the depths of the recession. That differential to the benchmark was at 2.50 cents below futures on Friday. “It could be a good month for anyone serving vacationers, including convenience stores”, said NACS Vice President of Strategic Industry Initiatives Jeff Lenard.