As the coronavirus pandemic continues, demand for gasoline drops, since travel is limited.- and that translates to lower gas prices. According to this week's report from AAA-The Auto Club Group, Georgia motorists are now paying an average price of $1.85 per gallon for regular unleaded gasoline. Monday's state average is 11-cents less than a week ago, 42-cents less than last month, and 75-cents less than this time last year.
It now costs $27.75 to fill a 15-gallon tank of gasoline; that is $13.35 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
"Americans are being urged to stay at home and practice social distancing to slow the spread of COVID-19, because of this we are seeing less traffic on the roadways which has ultimately driven down demand, increased gasoline supply and pushed pump prices down,” said AAA spokeswoman Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Georgia motorists do not need to rush to the pumps to fill-up. Currently, there is ample U.S. gasoline supply and no disruption to distribution at gas stations.”
National Gas Price Average Continue to Decline
Since last Monday, the national average for a gallon of regular gasoline has decreased by 12-cents to $2.02. The national average has not been this low since March 2016. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia. New data from the Energy Information Administration (EIA) reveals that with many Americans staying at home and practicing social distancing, gas demand dropped dramatically — from 9.7 million barrels to 8.8 million barrels — last week. Crude oil is the biggest driver of the less expensive gas prices. In the last week, crude oil prices dropped to $22 a barrel – a low not seen since 2002. Crude oil accounts for nearly 60% of the retail pump price. When crude is cheap, gas prices follow suit. Motorists can expect to see prices continue to decline in the week ahead.
Regional Prices
Atlanta ($1.83)
-
Most expensive Georgia metro markets –Hinesville-Fort Stewart ($2.03), Brunswick ($2.01) and Albany ($1.96).
-
Least expensive Georgia metro markets – Dalton ($1.61), Rome ($1.69) and Catoosa-Dade-Walker ($1.80).
-
The average price in Hall County is $1.87.
