Georgia gasoline prices mostly held steady over the Labor Day holiday, dropping just a penny from this time a week ago. AAA-The Auto Club South released its weekly report Tuesday afternoon, showing Georgia motorists are now paying an average price of $2.03 per gallon for regular unleaded gasoline. Monday's state average is 1-cent less than a week ago, 6-cents more than last month and 35-cents less than this time last year.
Motorists saw plenty of savings at the pump from Memorial Day through Labor Day, according to AAA spokeswoman Montrae Waiters. she said demand was decimated this summer, which ultimately meant increased supply and cheap gas prices. It now costs Georgia motorists $30.45 to fill a 15-gallon tank of gasoline; that is $10.65 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Summer may be fading into the rearview mirror, but less expensive gas prices are not,” said Waiters. “Moving into fall we traditionally see a drop in demand and further savings at the pump. This year that means pump prices could possibly push even lower than we’ve already seen in 2020.”
Oil Market Dynamics
Since last Monday, the national average for a gallon of regular gasoline has decreased by 2 cents to $2.21. In its latest report, the Energy Information Administration (EIA) reported that demand dropped from 9.16 million barrels a day to 8.79 barrels a day. While gasoline stocks dropped by 4.3 million barrels to 234.9 million barrels, total supply is 5.2 million barrels more than this time last year.
At the end of Friday’s formal trading session, WTI decreased by $1.60 to settle at $39.77 per barrel. The price of crude decreased in reaction to a decline in the stock market at the end of last week. The price decreased despite EIA’s weekly report revealing that total domestic crude inventories dropped by 9.4 million barrels, lowering total domestic stocks to 498.4 million barrels. For this week, crude prices could decline further if crude demand concerns arise amid another stock market downturn.
- Most expensive Georgia metro markets – Brunswick ($2.15), Hinesville-Fort Stewart ($2.14) and Savannah ($2.11).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.94), Gainesville ($1.97) and Dalton ($1.98).