(Photo by Justin Sullivan/Getty Images)
ATLANTA -- Gas prices are going back down, dropping five cents nationwide in just a week and ten cents from last year.
That's extra change in your pocket, but if the prediction for future prices comes true we will soon see gas prices at a three year low.
Miguel Cebalas keeps track of every fill up. He always checks the price.
"Almost every single day because I really work kind of far from home," he said
It takes about a ten cent change to really get his attention. Every penny saved equals peace of mind.
"You feel comfortable to go to the gas station and have a little money in your pocket. When it's high you just think about it, how much money am I going to spend in this car," Cebalas explained.
According to AAA, the average price in Georgia is $3.46 a gallon. That's lower than the national average and in the top ten nationwide for low gas prices. It could go lower. The Federal Energy Information Administration forecasts 2014 will average fifteen cents lower per gallon, reaching the lowest national average since 2010.
"That's pretty awesome because my wife, she drives a SUV and every time the gas goes up it's just painful," Cebalas said.
There are a few factors behind the price drop. First, supply and demand. In the past few weeks we've seen an increase in refining of oil to gasoline. Also we've seen prices remain relatively stable this year. This leads to basic competition like in any business, and the customer gets the benefit.
"With that price stability will come almost this competitive price lowering from station to station. The longer oil prices are staying flat, the longer and more time gas station owners can compete with each other," explained Wes Moss of Capital Investment Advisors.
Regardless of price, there are always tips to save money at the pump. The simplest is to shop around.
"Certainly prices in the city are typically going to be higher than in the suburbs and rural parts of Georgia. The further we go out, the further we choose to drive, the cheaper gas prices get," explained Moss.
That means if you're taking a day trip and you live in the city, you may want to fill up on your way back instead of before you leave town.
Another way to search for the lowest price is by logging on to Gas Buddy and searching your area.