Gasoline prices increased in Georgia again this past week, although the increase was much more moderate than in recent weeks.
The weekly report from AAA-The Auto Club Group reported an increase of a penny to an average of $2.24 a gallon for regular unleaded gasoline. The state average is 17-cents more than last month and 14-cents less than this time in 2020. It now costs motorists $33.60 to fill a 15-gallon tank of gasoline; that is $3.30 less than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"The higher price of crude is outweighing sustained low gasoline demand and a build-in gasoline supply,” said Montrae Waiters, spokeswoman for AAA. “Georgians can expect gas prices to continue to climb through at least the end of the month.”
NATIONAL AVERAGE INCREASES SLIGHTLY AMID HIGHER GAS DEMAND
Since Monday, the national average for a gallon of regular gasoline has increased by 1 cent to $2.39. Pump prices increased nominally this week, while gas demand increased substantially from 7.53 million barrels a day to 8.11 million barrels a day last week, according to new data from the Energy Information Administration (EIA). Total domestic gasoline supplies decreased by 300,000 barrels to 245.2 million barrels and total crude utilization across domestic refineries took a small step forward from 82 percent to 82.5 percent. All of these factors, including sustained higher crude prices, have contributed to higher pump prices for drivers and will likely lead to continued increases in pump prices in the weeks ahead.
At the close of last Thursday’s formal trading session, WTI decreased by 86 cents to settle at $52.36. Crude prices declined this week following growing market concern that crude demand may continue to suffer as coronavirus infections rise and travel restrictions, which are meant to curb transmission of the virus, reduce crude demand. Additionally, EIA’s latest weekly report revealed that total domestic crude inventories rose by 4.4 million barrels to 486.6 million barrels. The increase in crude inventories has also put downward pressure on crude prices.
REGIONAL PRICES
Atlanta ($2.23)
- Most expensive Georgia metro markets – Brunswick ($2.38), Hinesville-Fort Stewart ($2.31), and Savannah ($2.29).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.16), Dalton ($2.18), and Gainesville ($2.20).
