Gasoline prices continue to rise across Georgia, and AAA experts say the increasing prices will likely continue through the end of the month.
This week's fuel price report shows Georgia motorists are now paying an average price of $2.28 per gallon for regular unleaded gasoline. Monday's state average is four cents more than a week ago, 16 cents more than last month, and one penny more than this time last year.
Motorists are now paying $34.20 to fill a 15-gallon tank of gasoline, which is $2.70 less than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Rising crude oil prices contribute to higher gas prices this week,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group. “An increase in crude utilization and increasing crude prices have and will continue to contribute to higher pump prices for drivers throughout the month.”
NATIONAL AVERAGE CONTINUES CLIMBING
Since Monday, the national average for a gallon of regular gasoline has increased by 4 cent to $2.46. Pump prices have increased this week, while gas demand decreased slightly from 7.83 million barrels a day to 7.78 last week, according to new data from the Energy Information Administration (EIA). In addition, total domestic gasoline supplies increased by 4.5 million barrels to 252.2 million barrels and total crude utilization across domestic refineries took a small step forward from 81.7 percent to 82.3 percent.
At the close of last Thursday’s formal trading session, WTI increased by 54 cents to settle at $56.23, which is the highest settlement price of the year. Crude prices rose last week after the Organization of the Petroleum Exporting Countries and its production reduction agreement partners met to review compliance with their agreement to collectively reduce their crude production by 7.2 million barrels a day. The group decided to hold the cuts steady and expects output to remain low this year, since demand is forecasted to be lower than expected throughout 2021 due to ongoing crude demand concerns as the pandemic continues to keep travel restrictions in place. Crude prices have also been bolstered by EIA’s latest report showing that total domestic crude inventories dropped by 1 million barrels the week before. The current level now sits at 475.7 million bbl.
- Most expensive Georgia metro markets – Brunswick ($2.41), Hinesville-Fort Stewart ($2.37), and Savannah ($2.35).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.21), Warner Robins ($2.22), and Columbus ($2.23).
- The average price for Hall County is $2.26 this week, an increase of six cents from last Monday.