The average price for gas in Georgia is officially back below $2 a gallon.  The last time the state average was under the $2 threshold was March 28, 2016. Since that time, prices spent 120 days above $2 a gallon, reaching this year’s high of $2.28 on June 7th.

The Georgia average for a gallon of gas has now fallen for 50 consecutive days. Today’s average price is $1.99 per gallon, down 4 cents from last week and about 18 cents less than same time last month.

“Although gas prices in some cities outside of Metro Atlanta have averaged below $2.00 for the past few weeks, this is the first time since earlier this year, the state average has dipped below the $2.00 mark,” said Garrett Townsend, spokesman, AAA – The Auto Club Group. “These low gas prices couldn’t come at a better time since most families are beginning to spend money on back to school essentials.”

Why are gas prices declining?

-Increased gasoline supply

-Refineries are producing a significant amount of fuel

-Gas stocks have increased to 240 million barrels

-Supplies are at historically high levels for the month of July

Low oil prices

-Oil prices hit their lowest level since early May, making it cheaper to produce gasoline

-US crude oil supplies are about 13 percent higher than a year ago