Typically, Thanksgiving week is a busy travel time, but the ongoing coronavirus pandemic is prompting more people to stay home and that has led to a small drop in prices at Georgia's gas pumps. Georgia motorists are now paying an average price of $1.95 per gallon for regular unleaded gasoline, according to the latest fuel price report from AAA. Monday's state average is one-cent less than a week ago, four-cents less than last month, and 47-cents less than this time last year.
It now costs motorists $29.25 to fill a 15-gallon tank of gasoline, which is $11.85 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Georgians who decide to hit the road for Thanksgiving will find cheaper gas prices,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group. “AAA advises these travelers to plan ahead and take precautions to be a responsible traveler.”
NATIONAL AVERAGE DIPS AS GAS DEMAND SLIDES DOWN
Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $2.11. In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.76 million barrels a day (b/d) to 8.25 million b/d. The drop in demand, alongside an increase in total domestic stocks by 2.6 million barrels (bbl) to 228 million bbl, helped the national average to decrease this week. As demand remains low, pump prices are likely to remain low ahead of Thanksgiving.
OIL MARKETS DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by 8 cents to settle at $41.74. Crude prices decreased due to rising coronavirus infection rates across the country. Earlier in the week, crude prices increased amid growing market optimism that a vaccine for the coronavirus will be available by the end of 2020. However, the current surge in the number of infections domestically has capped price gains while states increase measures meant to stop the spread of the virus. Additionally, the EIA’s weekly report revealed that total domestic crude inventories grew by 800,000 bbl to 489.5 million bbl last week.
REGIONAL PRICES
Atlanta ($1.95)
- Most expensive Georgia metro markets – Savannah ($2.01), Brunswick ($2.00) and Valdosta ($1.96).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.83), Rome ($1.88) and Warner Robins ($1.89).
- Hall County gas prices are in line with the state average at $1.95. Forsyth County's average price is $1.89 and is the lowest in the immediate region, while White County's average of $2.05 makes it the most expensive gasoline among the counties bordering Hall County.
