Average price per gallon staying below $2 for gas in Ga.

Motorists are finding the lowest gas prices for this time of year since 2004. Sunday’s national average price of $2.12 is 24 cents above the average price 12 years ago, but remains 50 cents less than a year ago and $1.36 less than two years ago.

Georgia’s average price for regular unleaded has declined 58 of the last 61 days for a total of 30 cents, with the average price over the weekend at $1.98 around the state, which is 49 cents less than a year ago, and down 21 cents from figures in 2004.

The organization reports that three quarters of gas stations in Georgia are priced at less than $2 at the pump for regular unleaded gas.

“Gas prices across most of the country continue to slide during the peak road-trip season due to abundant supplies,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall. Motorists can now find gas prices under $2 a gallon at 44 percent of gas stations across the country.”

While a record number of American motorists have hit the road for summer travel, demand did not rise as sharply as anticipated. This was evident in a recent Energy Information Administration report, which revised the mark for U.S. gasoline demand in May lower by 213,000 barrels per day to 9.436 million. While lower than first reported, this demand number was still the highest total on record for the month of May.

Despite the lowest seasonal prices in more than a decade, unexpected events could trigger higher prices. Rising crude oil costs due to a disruption in supply, stronger than expected economic growth or geopolitical tensions overseas could lead to higher pump prices nationwide, or regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand, or hurricanes that impact distribution and production, which has happened in several Midwestern states over the past week.

After briefly falling below the $40 per barrel threshold earlier this week, the price of West Texas Intermediate crude oil recovered back above this benchmark during the second half of the week. At the close of today’s formal trading session on the NYMEX, WTI was down 13 cents to settle at $41.80 per barrel.