(WXIA) -- Many Georgians were in a panic at the beginning of July approached, fearing they would have to pay more at the pump.
But, in fact, the fears of higher prices due to a new gas tax never materialized. And for many motorists, the price of fuel has actually come down.
The change happened when the state went from a variable tax to a flat, 26 cent per gallon tax on July 1. Overall, the tax change means that Georgia motorists are paying about 7 cents more per gallon than they were in June, but on July 1, the average price of a gallon of gas was $2.66. By July 22, the price had dropped to $2.59 per gallon.
The drop in the wholesale price of gas has more than made up for the change in Georgia's tax structure.
Jim Tudor of the Georgia Convenience Store Association says the tax is just one effect on the price of gasoline."An oversupply of gasoline, economy slowing in some parts of the world, means there is somewhat of a glut of supply around the world," Tudor said. "And when there's an oversupply, then you're going to see prices go down."
Now, the question is when we will see prices go back up.
"We're only one broken pipeline or one weather event from everything changing dramatically," Tudor said. "Again, it's set in the futures market, which changes every day."
Projections are for the price of gasoline to hold steady for a while, or maybe even continue to drop a bit more in the near future.
