Georgia motorists are not seeing much change at the gas pump compared to last week, according to Monday's fuel price report from AAA-The Auto Club Group.
This week's average price in Georgia is $2.00 per gallon for regular unleaded gasoline. Monday's state average is 11-cents more than last month, and 65-cents less than this time last year.
It now costs motorists $30.00 to fill a 15-gallon tank of gasoline, which is $11.11 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
AAA spokeswoman Montrae Waiters said in her weekly press statement that motorists who are typically traveling for summer vacations aren't doing as much driving right now.
"The Energy Information Administration’s (EIA) data shows gasoline demand and supply continue on a roller coaster ride," said Waiters. "As motorists react to unfolding COVID-19 information, we are seeing driving behaviors related to filling-up ebb and flow.”
Since last Monday, the national average for a gallon of regular gasoline is $2.19, which is a penny higher than a week ago. From May to early July in 2019, gasoline demand averaged 9.5 million barrels a day. For the same time period this year, demand is measuring at 8 million barrels a day while gasoline stocks sit, on average, at a 24 million barrels surplus. The low demand and high supply are keeping gas prices relatively cheap for the summertime.
Oil Market Dynamics
At the end of Friday’s formal trading session, WTI increased by 93 cents to settle at $40.55 per barrel. Domestic crude prices were volatile last week after EIA’s weekly report revealed that total domestic crude inventories increased by 5.7 million barrels to 539.2 million barrels. Increasing crude stocks could mean that crude production is still too high given where demand is currently, as new coronavirus outbreaks emerge. If EIA’s data shows another increase in total domestic supply this week, crude prices could decline.
- Most expensive Georgia metro markets – Brunswick ($2.11), Hinesville-Fort Stewart ($2.07) and Savannah ($2.06).
- Least expensive Georgia metro markets – Athens ($1.93), Dalton ($1.94) and Gainesville ($1.95).