Release:
ATLANTA, GA., (November 2, 2020) — Georgia gas prices decreased at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.95 per gallon for regular unleaded gasoline. Monday’s state average is 3 cents less than a week ago, 5 cents less than last month, and 48 cents less than this time last year.
It now costs motorists $29.25 to fill a 15-gallon tank of gasoline; that is $11.85 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“The U.S. has a very healthy level of gasoline stocks due to lower demand and that is keeping gas prices low,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Georgians most likely will continue to see cost savings at the pump until the end of fall.”
NATIONAL AVERAGE CONTINUES TO DROP WHILE DEMAND REMAINS LOW
Since last Monday, the national average for a gallon of regular gasoline has decreased by 3 cents to $2.13. In the new weekly report from the Energy Information Administration (EIA), gas demand increased from 8.29 million barrels a day to 8.55 million barrels a day. However, the current estimate for demand is 1.23 million barrels a day lower than the rate at this time in 2019. Low demand, as total domestic stocks decreased by 900,000 barrels to 226.1 million barrels last week, has helped pump prices decrease. As demand remains low, American drivers should expect pump prices to continue to decline this fall.
OIL MARKETS DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by $1.22 to settle at $36.17. Domestic crude prices fell due to market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The drop in crude prices was also supported by EIA’s new weekly report showing that total domestic crude inventories grew by 4.3 million barrels to 492.4 million barrels last week. As demand concerns continue to weigh on the market, crude prices will likely continue to decline.
REGIONAL PRICES
Atlanta ($1.96)
- Most expensive Georgia metro markets – Savannah ($2.04), Brunswick ($2.03) and Hinesville-Fort Stewart ($2.00).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.84), Columbus ($1.85) and Rome ($1.87).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
| Sunday | Saturday | Week Ago | Month Ago | One Year Ago | 2019 Low | 2019 High | Record High | |
| National | $2.13 | $2.13 | $2.16 | $2.19 | $2.61 | $2.23 (January) | $2.90 (May) | $4.11 (7/17/2008) |
| Georgia | $1.95 | $1.96 | $1.98 | $2.00 | $2.43 | $2.04 (January) | $2.74 (April) | $4.16 (9/15/2008) |
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
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About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.
