Gas prices drop 11 cents a gallon

SAVANNAH, GA (WTOC) - The average retail price of gas in Savannah plunged 11.4 cents per gallon in the past week, averaging $3.47 per gallon on Sunday, according to SavannahGasPrices.com. The national average decreased only 4.7 cents per gallon in the last week to $3.60 per gallon, according to the website.

Including the change in gas prices in Savannah during the past week, prices on Sunday were 81.8 cents per gallon higher than the same day one year ago and are 17.5 cents per gallon lower than a month ago.

"After watching oil decline dramatically two weeks ago, prices rebounded some $12/bbl last week, which may severely limit relief at the gas pump," said Patrick DeHaan, GasBuddy.com senior petroleum analyst in a statement. "The smallest sliver of hope in the economy seems to make some market players forget the bigger issues this country faces. Last week, this situation led to buying spree in oil prices, something that I just don't see lasting."

Copyright 2011 WTOC. All rights reserved.