Gas prices in Georgia are pointing lower, however they were up a nickel this past week in the state, with Gainesville nearing the top of the list for high prices.
The average price for a gallon of gas in Georgia as of Sunday was $2.77, six cents more than a month ago and 54 cents more than last year, according to AAA's weekly fuel price report.
Gainesville continues to have the second highest gas prices in the state, averaging at $2.82. Atlanta had the highest price at $2.84 and Savannah was third highest at $2.75.
Augusta-Aiken had the lowest price in the whole state at $2.61, followed by Warner-Robins and Columbus, both at $2.63.
In July, gas prices averaged $2.72 a gallon, the highest monthly average for July since 2014. Summer gas prices are poised to be the most expensive in four years. Since June 1, Georgia gas prices averaged $2.74 per gallon - 56 cents more than the average price last summer.
"Prices at the pump have pinballed around this summer, but fortunately have remained within a 20 cent range," said Mark Jenkins, spokesman for AAA in the weekly fuel price report. "The limited swings in pump prices and a strong economy has led to one of the biggest driving summers in history. Prices should slip lower this week, due to falling futures prices on the stock market. However, demand historically remains strong through August, which should prevent prices from slipping anywhere near the lows we saw last year."
EIA data released on Wednesday showed signs that the summer driving season remains in full throttle. Weekly gasoline demand numbers reached near record highs. That strong demand has cut deeply into supply levels - which declined five consecutive weeks, for a total decline of nearly five percent. As demand surges, refineries are working hard. Gasoline production for the week ending July 27th, was 2 percent stronger than a year ago, and the fifth-highest weekly rate in history – the highest was the week of Independence Day 2018.
Crude production remains about 16.3 percent stronger than last year. Although oil inventories increased nearly 1-percent, supplies remain 15 percent below last year.
