As the Fourth of July holiday travel period looms, gas prices have taken a big jump in Georgia, according to this week's fuel price report from AAA-The Auto Club Group.
Georgia motorists are now paying an average price of $2.54 per gallon for regular unleaded gasoline. Monday's state average is 10-cents more than a week ago. The price is 6-cents less than this time last month and 16 -cents less than this time last year.
AAA said it now costs $38.10 to fill a 15-gallon tank of gasoline. That is $4.50 less than what motorists paid last May, when pump prices hit their 2018 peak of $2.84 per gallon.
"Georgia gas prices may seem high now, but the state average is still less than last year's high," said AAA spokeswoman Montrae Waiters. "A major factor driving the increase includes the upcoming Independence Day holiday, which is expected to be a high-demand travel period (41.1 million Americans to travel by automobile)."
Summer Brings Increase to Pump Prices
Pump prices have increased as gasoline stocks decreased and demand remains robust. According to the Energy Information Administration's (EIA) data for last week, total domestic gasoline stocks fell by 1 million bbl to 232.2 million bbl. On the demand front, it fell from the previous week's record-setting 9.9 million b/d to 9.5 million b/d, which is in line with last summer's rate at this time. If gas stocks continue to dwindle alongside typical demand rates seen during the busy summer driving season, American motorists will likely see pump prices continue to increase ahead of the Independence Day holiday.
Additional Factors for Increase
- Rising tensions between the U.S. and Iran following the downing of a U.S. drone.
- A massive fire at a Philadelphia refinery - the largest refinery on the U.S. East Coast, which could require supplies to be redirected from other regions
- ​Growing optimism over the possibility of the United States and China reaching an accord to end the ongoing trade dispute.
Regional Prices
- Georgia most expensive metro markets –Atlanta ($2.59), Athens ($2.55), Gainesville ($2.54), Hinesville- Fort Stewart ($2.53).
- Georgia least expensive metro markets – Catoosa-Dade-Walker-Columbus ($2.40), Albany- Warner Robins ($2.41).
