Georgia gas prices declined 4 cents in the past week, according to the latest fuel price report from AAA-The Auto Club Group. The state average has declined 29 of the past 30 days, for a total discount of 10 cents during that time.
Sunday's average price for a gallon of regular unleaded gasoline in Georgia was $2.19, 15 cents less than the national average of $2.34, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. Gas prices are only 3 cents more than this time last year.
- The most expensive gas price averages in Georgia are in Savannah ($2.22), Atlanta ($2.20), and Albany ($2.20)
- The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.13), Macon ($2.14), and Valdosta ($2.16)
"This unseasonable pump price plunge continued through the weekend, but shouldn't last much longer," said Mark Jenkins, AAA spokesman.
"Although gas prices could slip a little lower this week, rising oil and gasoline futures prices have already caused that downward shift to stall in some markets. As we get closer to Memorial Day, the market will continue to be influenced by crude prices, refinery production rates and gasoline inventories as key indicators that will steer retail prices into the summer."
Energy prices pushed higher last week following updated EIA data showing increased demand and the biggest one week drawdown in crude stockpiles since December. This shift in fundamentals sent oil and gasoline futures prices high enough to likely cutoff downward momentum of prices at the pump. Oil prices settled at $47.84 on the NYMEX Friday - an increase of $1.62 from the week before. Meanwhile, gasoline futures prices settled at their highest price in two weeks. The energy market will continue to be swayed by supply and demand data released by the EIA. The outcome of an OPEC meeting later this month on whether to extend or modify production cuts will also have a major impact on the direction of prices.