Gasoline prices in Georgia decreased slightly at the pump compared to a week ago, according to the weekly fuel price report from AAA. The Auto Club Group said Georgia motorists are now paying an average price of $2.96 per gallon for regular unleaded gasoline. The state average reported Monday, Aug. 16 is one cent less than a week ago, two cents more than last month and 98 cents more than this time last year.
Motorists are now paying $44.40 to fill a 15-gallon tank of gasoline, which is $7.50 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Georgia pump prices remain steady across the state,” said Montrae Waiters, spokeswoman for AAA. “Although Georgia gas price average remains under $3 per gallon for the most part, AAA expects the national average to remain above that price point.”
NATIONAL AVERAGE STABILIZES AS GAS DEMAND DIPS AND CRUDE PRICES REMAIN HIGH
The national average for a gallon of regular gasoline is $3.18. In its last weekly report, the Energy Information Administration (EIA) reported that gas demand dropped from 9.78 million barrels a day to 9.43 million barrels a day. Last week’s demand measurement is 500,000 barrels a day lower than the rate at this time in 2019, signaling that summer gas demand is likely softening as the school year starts, in addition to COVID concerns. Additionally, total domestic gas stocks declined by 1.3 million barrels to 227.5 million barrels. The drop in demand has helped to minimize pump price increases, but elevated crude prices continue to keep summer pump prices high. As crude prices remain high, though back below $70 barrels.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by 16 cents to settle at $69.09. Crude prices have declined slightly this week due to market concerns that crude demand may not rebound this year as anticipated due to surging coronavirus infection rates across the globe. Price decreases have occurred despite EIA’s latest report showing that total domestic crude stocks decreased nominally to 438.8 million barrels last week.
REGIONAL PRICES
Atlanta- $2.98
Hall County - $2.93
Most expensive Georgia metro markets – Savannah ($3.05), Hinesville-Fort Stewart ($3.02), and Brunswick ($2.99).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.83), Warner Robins ($2.86), and Dalton ($2.89).
