Georgia gasoline prices have dropped 5-cents at the pump compared to a week ago. According to AAA-The Auto Club Group, Georgia motorists are now paying an average price of $2.21 per gallon for regular unleaded. Monday's state average is 5-cents less than a week ago, 6-cents less than this time last month, and 15 cents less than this time last year.
It now costs $33.15 to fill a 15-gallon tank of gasoline, which is $7.95 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
"Pump prices are likely to decrease through the end of the winter driving season, especially amid concerns about the coronavirus causing the price of crude to decline,” said AAA spokeswoman Montrae Waiters. “However, the current refinery maintenance season could put pressure on regional refinery utilization, supply and gas prices during the run-up to the spring driving season.”
Pump Prices Tumble Ahead Of Spring
The national average for a gallon of regular unleaded gasoline has decreased by 6-cents to $2.38. A healthy stock level and cheaper crude prices continue to push pump prices down this week. In its latest weekly report, the Energy Information Administration revealed that total domestic stocks of gasoline fell by 4.3 million barrels to 252 million barrels, which is still 1.3 million barrels higher than 2019’s level at this time.
The Organization of the Petroleum Exporting Countries (OPEC) is currently meeting in Vienna, where the cartel has tentatively agreed to reduce crude output by an additional 1.5 million barrels per day in the second quarter of 2020. The move could help lift crude oil prices by limiting supply as the impact of the coronavirus decreases global crude demand. However, OPEC’s deal is conditional on Russia and other major crude producers signing up to reduce output, too. Until it appears that the threat from the virus decreases, crude prices are likely to continue facing downward pressure.
- Most expensive Georgia metro markets –Hinesville-Fort Stewart ($2.35), Savannah ($2.29) and Brunswick ($2.28).
- Least expensive Georgia metro markets – Dalton ($2.09), Catoosa-Dade-Walker ($2.14) and Rome ($2.15).
- The average price in Gainesville-Hall County ($2.14)