Georgia gas prices decreased slightly at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.96 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent less than a week ago, 2 cents more than last month and 98 cents more than this time last year.
It now costs motorists $44.40 to fill a 15-gallon tank of gasoline; that is $7.50 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Georgia pump prices remain steady across the state,” said Montrae Waiters, spokeswoman AAA-The Auto Club Group. “Although Georgia gas price average remains under $3 per gallon for the most part, AAA expects the national average to remain above that price point.”
NATIONAL AVERAGE STABILIZES AS GAS DEMAND DIPS AND CRUDE PRICES REMAIN HIGH
The national average for a gallon of regular gasoline is $3.18. In its last weekly report, the Energy Information Administration (EIA) reported that gas demand dropped from 9.78 million barrels a day to 9.43 million barrels a day. Last week’s demand measurement is 500,000 barrels a day lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts, in addition to COVID concerns. Additionally, total domestic gas stocks declined by 1.3 million barrels to 227.5 million barrels. The drop in demand has helped to minimize pump price increases, but elevated crude prices continue to keep summer pump prices high. As crude prices remain high, though back below $70 barrels.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by 16 cents to settle at $69.09. Crude prices have declined slightly this week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe. Price decreases have occurred despite EIA’s latest report showing that total domestic crude stocks decreased nominally to 438.8 million barrels last week.
Most expensive Georgia metro markets – Savannah ($3.05), Hinesville-Fort Stewart ($3.02), and Brunswick ($2.99).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.83), Warner Robins ($2.86), and Dalton ($2.89).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2020 Low||2020 High||Record High|
|National||$3.18||$3.18||$3.18||$3.15||$2.17||$1.76 (April)||$2.59 (January)||$4.11 (7/17/2008)|
|Georgia||$2.96||$2.96||$2.97||$2.94||$1.98||$1.614 (May)||$2.46 (January||$4.16 (9/15/2008)|
Click here to view current gasoline price averages
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 62 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.