Georgia gasoline prices have remained mostly unchanged for the last month, according to Monday's report from AAA-The Auto Club South.
The state average is $2.70 per gallon. Motorists continue to pay $40.50 to fill a 15-gallon tank of gasoline, which is $3.60 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Nationally, both demand and supply have steadily increased in the past five weeks, but weekly gasoline supply in Georgia are trending less substantial," said AAA spokeswoman Montrae Waiters. “It's possible the state average could increase in the coming weeks as summer approaches and more drivers take to the roads."
NATIONAL AVERAGE FLAT AS GAS DEMAND DROPS
Since last Monday, the national average for a gallon of regular gasoline has increased by 2 cents to $2.90. According to data from the Energy Information Administration, total domestic gasoline stocks increased by 100,000 barrels to 235.1 million barrels last week. The increase helped to limit pump price increases as demand dropped from 9.1 million barrels a day to 8.88 million barrels a day. Continued growth in total domestic supply, amid a reduction in demand, will likely help to keep pump prices in check through the weekend.
OIL MARKET DYNAMICS
At the close of last week’s formal trading session, WTI increased by $1.15 to settle at $65.01. Crude prices have increased this week due to a weak dollar and growing market optimism that crude demand will recover despite surging coronavirus infection rates in Asia that could derail expectations. Additionally, prices increased earlier this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies recommended to leave in place a recent agreement to gradually increase crude production by at least 2.1 million b/d starting in May. At the next OPEC+ ministerial meeting on June 1, the cartel will meet via videoconference to review output levels for July and August.
REGIONAL PRICES
Atlanta ($2.70)
- Most expensive Georgia metro markets – Savannah ($2.77), Hinesville-Fort Stewart ($2.75), and Macon ($2.71).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.61), Dalton ($2.62), and Gainesville ($2.63).
