Alongside rising crude oil costs, Georgia gasoline prices increased at the pump over the past week.
AAA-The Auto Club Group said in its weekly report Georgia motorists are now paying an average price of $3.06 per gallon for regular unleaded gasoline. Monday's state average is 8 cents more than a week ago, 8 cents more than last month and $1.07 more than this time last year.
It now costs motorists $45.90 to fill a 15-gallon tank of gasoline, which is $9.00 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Georgia motorists saw a jump at the pump this weekend,” said Montrae Waiters with AAA.. “The probable cause for the increase appears to be an uptick in demand and the high price of crude oil, which is stubbornly staying above $70 per barrel. High crude prices will likely contribute to gas prices remaining elevated this season.”
HIGH COST OF CRUDE PUSHES NATIONAL AVERAGE UP
Since Monday, the national average for a gallon of regular gasoline has increased 7 cents to $3.26. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 3.3 million barrel to 225.1 million barrel last week. Gasoline demand also increased slightly from 9.40 million barrels a day to 9.44 million barrels a day. The slight increase in gas demand has contributed to the rise in the national average. However, the main culprit for rising pump prices remains high crude prices above $70 per barrel.
At the close of last Thursday’s formal trading session, WTI increased by 87 cents to settle at $78.30. Prices increased today after the U.S. Department of Energy dispelled speculation that the Biden Administration would sell crude oil held in the U.S. Strategic Petroleum Reserve. The move could have put more crude into the domestic market, but it is unlikely to have had a sustained downward impact on oil prices. Additionally, prices rose earlier this week following OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, choosing not to move forward with an agreement to produce 800,000 barrels a day in November. Instead, OPEC+ decided to keep its 400,000 barrels a day planned production increase intact for now. Prices have increased this week despite EIA’s latest report showing that total domestic crude inventories increased by 2.4 million barrels to 420.9 million barrels last week.
Hall County - $3.02 (an increase of 6 cents per gallon from last Monday)
Most expensive Georgia metro markets – Savannah ($3.18), Hinesville-Fort Stewart ($3.15), and Brunswick ($3.11).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.98), Columbus ($2.99), and Augusta-Aiken ($3.00).