Despite the fact it’s peak driving season, the country’s seeing summer gas prices at their lowest since 2004.
Georgia gas prices hit an average $2 a gallon today, more than 15 cents below the national average. The average also comes after 49 days of decline, a consistency not seen in nearly two years.
In addition, AAA said 60 percent of gas stations across the state have prices even below that.
This is the lowest gas has been in 12 years when average prices ranged between $1.80 and $1.90 per gallon, AAA said.
There’s two factors contributing to the decline: abundant supplies and decreasing crude oil costs, said AAA.
Currently the U.S. has 241 million barrels of gasoline stockpiled. It’s the largest amount for this time year since the government started keeping track.
This all started when the surplus of oil hit historic highs earlier this year, causing crude to plummet to $26 a barrel in February. While that surplus is dwindling, refiners are just transferring the overload from one industry to another—creating more jet fuel, diesel and gasoline than needed
What isn’t decreasing is demand, said Mark Jenkins, a AAA spokesman in a statement.
“Average prices are 57 cents less than a year ago, and that’s motivating millions of Americans to take advantage of cheaper gas to take road trips this summer,” he said.