Even though Georgia gasoline prices remain much higher than this time last year, there was a slight dip in prices over the past week in the AAA weekly fuel price report.
As of Monday, motorists in Georgia are paying an average price of $2.72 per gallon for regular unleaded gasoline. Monday's state average is two-cents less than a week ago, 15-cents more than last month and 86-cents more than this time last year.
Motorists are paying $40.80 to fill a 15-gallon tank of gasoline, which is $3.90 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“A dip in demand along with a simultaneous increase in supply and refinery utilization has contributed to slower movement in gas price increases,” said AAA spokeswoman Montrae Waiters. “In the week ahead Georgians may see slight fluctuation at the pump. However, large jumps are not likely to occur.”
NATIONAL AVERAGE DECREASES FOR FIRST TIME THIS MONTH
Since last Monday, the national average for a gallon of regular gasoline has decreased by 2 cents to $2.86. Growing stock levels have helped to put downward pressure on pump prices, increasing slightly from 232.1 million barrels to 232.3 million barrels last week, according to the latest weekly report from the Energy Information Administration (EIA). The national average decreased despite rising gas demand, which increased from 8.44 million barrels a day to 8.62 million barrels a day last week.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by $2.62 to settle at $58.56. Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb growing coronavirus infection rates. The decrease in crude prices has also been supported by EIA reporting that total domestic crude inventories increased by 1.9 million barrels to 502.7 million barrels.
REGIONAL PRICES
Atlanta ($2.72)
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.79), Savannah ($2.78), and Brunswick ($2.77).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.66), Albany ($2.67), and Dalton ($2.68).
- The average pump price in Hall County is $2.69, which is a penny lower than this time last week.
