Gas prices continue to fall in metro Atlanta

Here’s some good news to start your week.

Metro Atlanta gas prices dropped again and are expected to keep falling this week.

“The good news is retail gas prices continue to drop and are forecast to retreat throughout the month,” said Jessica Brady, a spokeswoman for AAA, The Auto Club Group. “Pump prices are expected to drop again this week.”

The price per gallon of regular unleaded gasoline in Georgia now averages $3.26, compared with $3.30 a week ago, $3.49 a month ago and $3.58 a year ago.  Checking in on our neighbors: Florida’s average of $3.32 dropped 5 cents from last week.  and Tennessee’s average price of $3.17 decreased 4 cents from last week.

The national average price is $3.50 — down 4 cents from last week.

Brady notes that oil prices remained relatively stable last week after hopes of an economic stimulus stirred the market. The price of a barrel of oil closed Friday at $84.03 — 7 cents less than the prior week.

“Although a sense of optimism kept oil prices from falling last week, retail gasoline prices continue to retreat week after week,” said Brady. “Signs continue to point to lower prices at the pump in the coming weeks after U.S. manufacturing and consumer sentiment fell more than forecast.”

Although lower pump prices have made it more affordable to travel this summer, many families are still dealing with tight budgets and being as frugal as possible, Brady noted.

Check here for cheap gas prices throughout metro Atlanta. The cheapest we found was $3.06 at Kroger, 3093 Steve Reynolds Blvd., Norcross. The most expensive was $3.79 at Chevron, 400 Cobb Pkwy, in Marietta.

Are falling gas prices going to help change your vacation plans?

6 comments Add your comment

Austrian supporter

June 18th, 2012
1:08 pm

I guess we are all supposed to feel wonderful about the great blessings of lower gas prices. Democrats will spin this in the President’s favor while Republicans will point out how much the price has risen since Obama took office.

One way or the other, the consumer should only look at prices ONE WAY – how much has inflation (a Federal Reserve-created phenomena) destroyed the purchasing power of my money.

Let’s look to 1964, the last year that our currency (coins) contained a solid majority of precious metal as their content (actually 90% silver for the dime, quarter, half dollar, and dollar). In 1964 the price of gasoline was 0.30. Yeah, that’s right, only 30 cents. But what about inflation you say? You cannot compare today’s average to that number without accounting for inflation. Correct. Inflation is the hidden tax that transfers the wealth of the nation to the government, the banking industry, and the first recipients of the newly printed dollars. For this purpose I am speaking of quantity inflation (or the increase in the amount of money in circulation), not just price inflation (which is generally what follows the inflation of the supply, but not always as rapidly). Obviously if you have only one of something it has value X. If you suddenly, without labor, effort, or anything, created 2 of something, most folks would agree that each item is only worth half as much as a single item. The same is true with money.

But those 3 dimes in 1964 were 90% silver. Taking into account today’s silver price (a value that has decreased recently because of a lot of economic factors generally NOT associated with free markets) and the total quantity of silver in each dime, those same 3 dimes are worth $6.23 for just their silver content! Based on just the inflationary processes that have led to the devaluation of the dollar and thus caused the prices to rise for silver, gasoline should be costing $6.23 a gallon. But it is not. Gasoline right now, because of decreased demand, increased production, increased productivity, and other factors, actually costs only about half of what it should cost.

If we were still using a monetary standard that was based on a precious metal such as silver or gold (thus restricting the amount of money the government could “print” out of thin air), our currency would have netted us gasoline that was actually HALF the cost we are paying today. The same applies to everything we purchase. All those gains in productivity, technology, innovation, etc. that have brought the price of gasoline down, have been stolen from every american through the hidden inflation tax. If you want to know where all they money went, just look at the balance sheets of the major wall street banks, the military industrial complex companies, the vast swarms of government employees at all levels, the billions sent to both our enemies and our “friends” in foreign aid, the welfare state, and everything else that makes up our nearly $16 Trillion debt.

When prices rise, the government and its compliant lap dog media are always quick to blame greedy companies, greedy businessmen, speculators, etc. so as to divert attention away from the real cause – monetary inflation caused by the Federal Reserve and the US government.

When prices rise there are generally two components – supply and demand issues, and monetary inflation of the currency. Of course there are issues around gasoline that cause significant rises and falls in price. The supply of oil can easily be disrupted by US initiated wars in the middle east, natural and man-made disasters in the Gulf and elsewhere, and pipeline issues worldwide. But more importantly, in the face of a stable supply situation, when prices rise one is only seeing the effects of an ever-depreciating value of the dollar.

“But I regularly see that the dollar is doing great against the Euro, the Yen, the Yuan, etc.” and this is true. But keep in mind that much like the dollar that is backed only by failth and hope and the hard work/taxation of the US taxpayer, every other world currency is also backed by nothing tangible. There is NO gold backing the US dollar. There is NO silver backing the US dollar. There is absolutely NOTHING stopping the Federal Reserve from printing an unlimited amount of money to pay for the rampant spending of the US government, to bail out foreign banks (as was done recently without congression approval), or buy up bad debt from banks so that their managers can take home huge bonuses.

American’s MUST return to a monetary standard based on gold, silver, or some other more stable store of value (ideally selected by the market and not government). It is the only way to rein in the out of control US government spending machine, and it is the ONLY way for americans to be able to see the value of their money stay stable so that retirements can be planned for, savings can retain value, and prices can remain stable or even decrease with gains in productivity, etc.

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BW

June 18th, 2012
2:32 pm

Austrian Supporter

The genie cannot be placed back in the bottle

Austrian supporter

June 18th, 2012
5:00 pm

BW – The end will come. It must because we are certainly past the point of salvation. The question will be how will everyone respond. Will they go forward in ignorance and repeat the same mistakes as before, allowing the government and the banking system to enslave them with the lies of central banking or will people choose another path? The Fed has been in existence for nearly 100 years and only the constant education and drum beating by Ron Paul, the Austrian economic school, and those who have learned from them has brought this criminal organization to the point where their abolition and a restoration of gold are being discussed openly and even debated on the floor of the House.

Yes, the genie is out of the bottle. Now its time to kill him once and for all.

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A.S. Mathew

June 19th, 2012
10:14 am

Forty two years back, when I was landed in the blessed country the U.S., I was caught on many surprises. The friendly and smiling strangers-loving and caring people-the tall buildings-clean and straight highways-very low food and clothings price etc made me greatly surprised. One gl milk less than $ 1.00-loaf of bread less than 25 cents-one dozen eggs less than 25 cents and gas less than 32 cents. I did question GOD, why did you show this special favor to this nation? Now the milk price is less than $ 3.00-loaf of bread around $ 1.00-eggs around
1 for a dozen, but the gas price around $ 3.00. So, in comparision, the price of gas went up more than 10 times in four decades, while the price of other goods stayed from 3 times to 4 times.
It is a relief that the gas price is coming down, but it has to come down less than $ 1.50/gl to keep up with the inflationary trend of other consumer goods. I could visit a Doctor then for less than $ 8.00,
but now, it is far higher than the gas price inflation. The barren lands of the oil producing countries have turned like earthly paradises on earth, because they got trillions of dollars from the western countries, and now the U.S. and Europe are economically chocking. We, the 5% of the world population consume 25% of the world energy, and the reduction in the gas price will help us a lot to have some extra cash to spend to boost the economy. The gas price will be coming down due to many economic factors involved at this current international economic meltdown.