No big changes at Georgia's gas pumps this week, according to the latest report from AAA-The Auto Club Group. The state average price for gasoline is $2 per gallon, yet drivers in some Georgia cities are finding prices below $1.90 a gallon.
The weekly report said it now costs motorists $30 to fill a 15-gallon tank of gasoline; that is $11.10 less than what motorists paid in April of 2019 when pump prices hit their peak of $2.74 per gallon.
“Pump prices continue to trend lower than what Georgians paid this time last year,” said Montrae Waiters, spokeswoman for AAA. “As demand declines gas prices will likely continue to drop due to fewer road trips taken in the fall.”
GAS DEMAND DROPS AS NATIONAL AVERAGE DECLINES
Since last Monday, the national average for a gallon of regular gasoline has decreased by two-cents to $2.17. In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.90 million barrels a day to 8.58 million barrels a day. Low demand, even as total domestic stocks decreased by 1.6 million barrels to 225.1 million barrels last week, has helped pump prices decrease.
OIL MARKETS DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by 8 cents to settle at $40.96. Domestic crude prices fell as market concern increased regarding an increase in coronavirus infections worldwide, which could lower crude demand as nations impose new restrictions to limit the spread of the virus. The drop in prices occurred despite EIA’s new weekly report showing that total domestic crude inventories dropped by 3.8 million barrels to 489.1 million barrels last week. If demand concerns persist, crude prices could continue to decline — alongside pump prices.
REGIONAL PRICES
Atlanta ($2.00)
- Most expensive Georgia metro markets – Brunswick ($2.09), Savannah ($2.08) and Hinesville-Fort Stewart ($2.02).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.90), Albany ($1.94) and Rome ($1.95).
- The average price in Hall County this week is ($1.98). The lowest price in the region this week is in Stephens County, where the average price is ($1.89).
