AAA-The Auto Club Group reports Georgia gasoline prices have inched back up to $2.00 a gallon this week. Monday's state average is one penny more than a week ago, 2-cents less than last month, and 56-cents less than this time last year.
It now costs motorists $30.00 to fill a 15-gallon tank of gasoline; that is $11.10 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Georgians see a modest increase at the pump this week,” said AAA spokeswoman Montrae Waiters in a weekly update. “The uptick in demand has helped to lift gas prices, which continue to trend lower than what consumers paid a year ago.”
SLIGHT UPTICK IN DEMAND CONTRIBUTES TO NATIONAL AVERAGE INCREASE
Since last Monday, the national average for a gallon of regular gasoline has increased by 1 cent to $2.19. In the new weekly report from the Energy Information Administration (EIA), gas demand saw a slight uptick to 8.52 million barrels a day from 8.48 million barrels a day. The slight growth in demand, alongside total domestic stocks falling by 4 million barrels to 227.5 million barrels, has led to increases in pump prices. If demand continues to grow, pump prices could continue to climb. However, as the nation settles into fall, demand will likely decline as drivers take fewer road trips.
CRUDE OIL
At the close of last Thursday’s formal trading session, WTI increased by 38 cents to settle at $40.31. Domestic crude prices increased after EIA’s weekly report revealed that total domestic crude inventories decreased by 1.6 million barrels last week to 494.4 million barrels. Decreasing stocks could signal that supply and demand are rebalancing, while crude production decreased by 200,000 barrels a day last week to 10.7 million barrels a day. Crude prices may continue to increase if supplies grow tighter, but demand challenges could contain potential growth in prices.
REGIONAL PRICES
Atlanta ($2.00)
- Most expensive Georgia metro markets – Savannah ($2.08), Brunswick ($2.05) and Hinesville-Fort Stewart ($2.03).
- Least expensive Georgia metro markets – Columbus (1.88), Catoosa-Dade-Walker ($1.90) and Warner Robbins ($1.92).
- Gainesville/Hall County's average price this week is $1.96, up two cents from last week.
