Georgia motorists are now paying an average price of $2.97 per gallon for regular unleaded gasoline, according to the latest fuel price report from AAA-The Auto Club Group.
Monday's state average is one penny more than a week ago, four cents more than last month and $1 more than this time last year.
It now costs motorists $44.55 to fill a 15-gallon tank of gasoline; that is $7.65 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Georgia gas prices saw minimal or no change at the pumps across the state,” said AAA spokeswoman Montrae Waiters. “August could prove to be more expensive if crude oil prices increase, driven by market concerns of rising COVID case numbers and how that could negatively affect global demand in the near future.”
NATIONAL AVERAGE INCREASES AS DEMAND INCREASES
Since last Monday, the national average for a gallon of regular gasoline has increased by one cent to $3.18.
In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand increased from 9.33 million barrels a day to 9.78 million barrels a day last week. Not only is the demand reading very robust for peak driving season, but 2% higher than the same time period in 2019. Additionally, total domestic gas stocks declined by 5.3 million barrels to 228.9 million barrels. These trends, combined with high crude prices, have helped to increase pump prices. As crude prices remain high, though back below $70 barrels, AAA expects the national average to remain above $3 per gallon throughout the summer.
OIL MARKET DYNAMICS
At the close of last Friday’s formal trading session, WTI increased by 94 cents to settle at $69.09. Prices increased today due to tension in the Middle East, which heightened after Israeli military jets struck alleged rocket launch sites in Lebanon. The incident was likely in retaliation for two crew members who were killed after a tanker off the coast of Oman was attacked. Israel blames Iran for the tanker attack, but Tehran has denied any involvement. According to recent reporting, the UN Security Council will meet in a closed-door session, likely soon, to discuss rising tension in the region. Today’s price increase comes after crude prices declined for three days due to market concerns about the impact of rising global COVID-19 infection rates on crude demand. Crude prices also declined after EIA’s latest report showed that total domestic crude stocks increased by 3.6 million barrels to 439.2 million barrels last week.
REGIONAL PRICES
Atlanta- $2.99
Most expensive Georgia metro markets – Savannah ($3.05), Hinesville-Fort Stewart ($3.02), and Brunswick ($3.01).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.86), Warner Robins ($2.90), and Dalton ($2.91).
Hall County - $2.95
