Georgia motorists saw increased prices at the pump compared to a week ago, according to the latest news from AAA-The Auto Club Group. The average price for a gallon of gasoline in Georgia has returned to $2.00 per gallon for regular unleaded gasoline. Monday's state average is four cents more than a week ago, seven cents more than last month, and 43 cents less than this time last year.
Motorists are now paying $30.00 to fill a 15-gallon tank of gasoline, which is $11.10 less than what motorists paid in April of 2019 when pump prices hit their peak of $2.74 per gallon.
"As demand continues to decline into the winter driving season, Georgians should expect gas prices to remain lower when compared to last year’s pump prices, moving into 2021,” said Montrae Waiters, spokeswoman for AAA.
SUSTAINED INCREASE IN CRUDE PRICES HELPS TO LIFT NATIONAL AVERAGE, ALBEIT LIKELY TEMPORARILY
Since last Monday, the national average for a gallon of regular gasoline has increased by four cents to $2.16. Since mid-November, domestic daily crude prices have steadily increased toward $45 per barrel, contributing to pump prices rising across the country in just this last week. However, low demand will likely limit price gains, with the latest report from the Energy Information Administration (EIA) showing that demand decreased from 8.13 million barrels a day to 7.97 million barrels a day last week – the lowest reading since early June.
OIL MARKETS DYNAMICS
At the close of last Thursday’s formal trading session, WTI increased by 36 cents to settle at $45.64. Crude prices increased that week amid growing market optimism that vaccines for the coronavirus will be available in the coming weeks. However, the current surge in the number of infections domestically appears to have capped crude oil price gains while states increase measures meant to stop the spread of the virus. Additionally, the increase in prices was supported by EIA’s weekly report revealing that total domestic crude inventories fell by 700,000 barrels to 488 million barrels last week.
- Most expensive Georgia metro markets – Savannah ($2.05), Hinesville-Fort Stewart ($2.04) and Brunswick ($2.03).
- Least expensive Georgia metro markets – Rome ($1.91), Catoosa-Dade-Walker ($1.92), and Warner Robins ($1.95).
- Hall County's average price this week is $1.98. All surrounding counties - with the exception of White County - show pump prices below $2.00 a gallon. White County's average price is $2.06.