Money world

Georgia’s average gas prices are down seven cents a gallon from last week as the price of crude oil continued its fall, according to AAA Auto Club South.

The average price per gallon in Georgia is $2.71, compared with $2.78 the week prior, $2.73 a month ago and $2.27 a year ago.

The national average price of unleaded regular gasoline is $2.80 per gallon.

The price of crude oil was down for the third week amid concerns the financial crisis in Europe will worsen and put a halt on global economic recovery. Crude oil closed Friday at $70.04 a barrel on the New York Mercantile Exchange.

The European crisis has pushed the value of the euro down 12 percent against the dollar and is one of the major factors that has caused the price of crude to decrease, AAA said payday lenders. At the same time, U.S. stockpiles of crude grew for the 15th week.

“The possibility that Europe’s financial problems will slow global demand at a time when U.S. demand is already slow to rise has investors worried,” said Jessica Brady, AAA spokeswoman, in a statement. “The lack of demand can be seen in the constant increase in U.S. stockpiles of crude that are now well above 362 million barrels. Lower retail gasoline prices are always welcomed by consumers, and they can expect to see just that as retail prices drop again this week.”

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