While Georgia gasoline prices remain fairly low, pump prices increased just a bit over the past week, according to this week's fuel price report from AAA-The Auto Club South.
Georgia motorists are now paying an average price of $2.01 per gallon for regular unleaded gasoline. Monday's state average is 2-cents more than a week ago, 10-cents more than last month, and 65-cents less than this time last year.
It now costs motorists $30.15 to fill a 15-gallon tank of gasoline; that is $10.95 less than what motorists paid in April of 2019 when pump prices hit their peak of $2.74 per gallon.
“Pump prices in Georgia are still relatively cheap compared to last summer,” said AAA spokeswoman Montrae Waiters. “But there are still concerns regarding recent uptick in new COVID-19 cases, and how this will impact gasoline prices in the coming week.”
Since last Monday, the national average for a gallon of regular gasoline holds steady at $2.19. According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased by 3.1 million barrels last week, bringing the current level to 248.5 million barrels. As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly from 8.77 million barrels a day to 8.65 million barrels a day.
Oil Market Dynamics
At the close of last Thursday’s formal trading session, WTI decreased by 45 cents to settle at $40.75. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million barrels to 531.7 million barrels. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.10), Savannah ($2.07) and Augusta-Aiken ($2.05).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.93), Gainesville ($1.95) and Dalton ($1.96).