The average gasoline price in Gainesville-Hall County is higher than the statewide average this week, according to this week's fuel price report from AAA-The Auto Club Group, but some surrounding counties have seen prices drop below the $1.50 mark.
Monday's statewide average was $1.67 per gallon, a drop of four-cents from last week, 34-cents from last months and $1.01 from this time last year.
The Hall County average was $1.73, two-cents lower than last week, but still higher than the statewide average.
Pump prices in surrounding counties were well below Hall County's and in many cases below the state average. Habersham County's average price was $1.45 and Banks County's was $1.49. Both Barrow and White counties reported an average price at the pump of $1.52, while the Jackson County average was $1.56. Gwinnett County motorists are paying an average price of $1.59.
"Every U.S. region is seeing builds in gasoline inventories and crude storage, which drives pump prices even cheaper," said Montrae Waiters, spokeswoman for AAA. "With Americans following stay at home orders and refiners producing excess gasoline, Georgia motorists are likely to see gas prices continue to decline this week."
Low Gas Demand and Growing Stocks Push Pump Prices Lower
Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $1.81. In its latest weekly report, the Energy Information Administration (EIA) released new data that shows total domestic gasoline stocks grew by 4.9 million barrels last week to 262.2 million barrels, which is 34.3 million barrels more than last year’s level at this time. Meanwhile, gas demand registered at 5.1 million barrels a day for a second week.
Crude prices have fallen steadily as the global public health, financial and economic impact of COVID-19 has increased. As a result of COVID-19, the International Energy Agency’s (IEA) new monthly report for April 2020 revealed that global oil demand is projected to hit a 25-year low and fall by a record 9.3 million barrels a day this year. According to IEA, global crude demand for April 2020 is expected to be 29 million barrels a day lower than April 2019 — a level unseen since 1995.
Regional Prices
Atlanta ($1.67)
- Most expensive Georgia metro markets –Hinesville-Fort Stewart ($1.85), Brunswick ($1.82) and Savannah ($1.76).
- Least expensive Georgia metro markets – Dalton ($1.40), Rome ($1.48) and Athens ($1.51).
