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Wednesday February 26th, 2020 1:51AM

AAA: Gasoline prices tick downward 2-cents a gallon

By AccessWDUN Staff

With a decline at the gas pump over the past week, Georgia motorists are now paying an average price of $2.42 per gallon for regular unleaded gasoline. According to this week's reports from AAA, Monday's state average is 2-cents less than a week ago, 1-cent less than last month, and 20-cents more than this time last year.

It now costs $36.30 to fill a 15-gallon tank of gasoline. That is $6.30 less than what motorists paid in May of 2018, when pump prices hit their peak of $2.84 per gallon.

"Gasoline stocks have steadily increased the past few weeks as gasoline demand has started to slow,” said Montrae Waiters, spokeswoman, for AAA – The Auto Club Group. “This trend is creating cheaper gas prices for the majority of motorists.”

Crude Oil

Slightly higher crude prices in December 2018 help to account for the year-over-year price difference. Total domestic gasoline stocks grew for the fourth straight week, according to new data from the Energy Information Administration (EIA). Stock levels increased by 3.4 million barrels, bringing the total to 229.4 million barrels, which is 3.1 million barrels higher than last year’s level at this same time. In EIA’s latest weekly report, gasoline demand dropped from 9.20 million b/d to 9.03 million b/d, which is slightly higher than last year’s 8.88 million b/d during the same week. Stock growth, amid robust demand, has helped to stabilize the national average.

Regional Prices

  • Most expensive Georgia metro markets – Savannah ($2.45), Atlanta ($2.44), and Hinesville-Fort Stewart ($2.43).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.32), Warner –Robins ($2.34) and Augusta-Aiken ($2.35).
  • The average price for gasoline in Gainesville this week is $2.41.
  • Associated Categories: Homepage, Business News, Local/State News, Submitted News
  • Associated Tags: AAA, Gas prices, fuel price report, gas prices decrease
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AAA: Gasoline prices tick downward 2-cents a gallon
With a decline at the gas pump over the past week, Georgia motorists are now paying an average price of $2.42 per gallon for regular unleaded gasoline.
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