There's been no change in Georgia's average gasoline price over the past week - so says AAA-The Auto Club Group.
The average price on Monday was $2.96 per gallon for regular unleaded gasoline. The pump price is a penny more than last month and 97 cents more than this time last year.
It now costs Georgia motorists $44.40 to fill a 15-gallon tank of gasoline - $7.50 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's Montrae Waiters. “We anticipate demand will continue to decline in the weeks ahead as drivers traditionally take fewer road trips towards the end of summer and the rise of coronavirus infections.”
NATIONAL AVERAGE DECLINES ALONGSIDE GAS DEMAND
Since last Monday, the national average for a gallon of regular gasoline has decreased by 2 cents to $3.16. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand decreased from 9.43 million barrels a day to 9.33 million barrels a day last week. The decrease in demand, which helped total gasoline stocks increase by 700,000 barrels to 228.2 million barrels, contributed to the cheaper national average. If demand continues to soften and supply builds throughout this month, pump prices will likely continue to decline ahead of Labor Day weekend.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by $1.77 to settle at $63.69. Crude prices have dropped this week due to market concerns that crude demand will decline 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 by 3.3 million barrels to 435.5 million barrels last week.
REGIONAL PRICES
Most expensive Georgia metro markets – Savannah ($3.04), Hinesville-Fort Stewart ($3.01), and Atlanta ($3.00).
Least expensive Georgia metro markets – Warner Robins ($2.82), Columbus ($2.86), and Augusta-Aiken ($2.87).
Hall County - $2.96 (unchanged from last week)
