Thursday March 28th, 2024 1:43PM

Gas prices down 1 cent over weekend, up 2 in state

Gas prices in Georgia declined a penny over the weekend, however, the statewide average is two cents more than a week ago at $2.80 per gallon.

AAA's Weekly Fuel Price Report indicates that Gainesville has the third highest prices in the state this week, at $2.82 per gallon for regular unleaded. Atlanta and Athens tied for first at $2.84. 

Augusta-Aiken had the lowest price at $2.68.

Fuel tracking website GasBuddy.com reported similar numbers to AAA, noting the prices in the state rose 1.8 cents in the past week, but their average was slightly less at $2.76. 

The price is 36.3 cents higher than a year ago, according to GasBuddy.com.

"Fuel prices plunged on the stock market last week, which should clear the way for a significant discount at the pump," said Mark Jenkins spokesman for AAA. "Motorists should see a 5-10 cent drop or more in the next 10 days. This is the type of downward movement we normally see at the pump during the fall. However, upward pressure could easily return later this month, as the market braces for U.S. sanctions against Iranian crude, and what that might mean for global supply and demand." 

Jenkins said in the price report that oil production reached a new record high at 11.2 barrels per day. Total crude output is nearly 18 percent higher than this time in 2017.  Supply levels increased for the third consecutive week - registering nearly 1.5 percent higher than the week before. Although U.S. oil stocks are higher than last month, they remain 11 percent below last year's levels.

Supplies on gasoline in the U.S. rose nearly a half percent and are nearly 7 percent stronger than this time last year. Production rates dipped by nearly 2.5 percent, yet remain on pace with this time last year.

Gasoline demand, according to EIA measurements, is 2.7 percent stronger than this time last year.

  • Associated Categories: Local/State News
  • Associated Tags: AAA, Gas prices, GasBuddy.com
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