Once again, gasoline prices moved upward at Georgia gas pumps over the past week. AAA-The Auto Club South said in its weekly report Georgia motorists are now paying an average price of $2.33 per gallon for regular unleaded gasoline. Monday's state average is five-cents more than a week ago, 12-cents more than last month, and six-cents more than this time last year.
AAA said motorists are now paying $34.95 to fill a 15-gallon tank of gasoline; that is $1.95 less than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.
"Georgians can expect to continue paying more to fill up at the pump this month, contingent on how high crude goes," said AAA spokeswoman Montrae Waiters. “If demand grows, that will further fuel pump price increases.”
HIGHER CRUDE PRICES CONTINUE TO PUSH PUMP PRICES UP
Since Monday, the national average for a gallon of regular gasoline has increased by 4 cents to $2.50. Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week from 7.78 million barrels a day to 7.86 million barrels a day, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand numbers and EIA’s latest report showing that total domestic gas stocks grew by 4.3 million barrels to 256.4 million barrels. Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.
At the close of last Thursday’s formal trading session, WTI decreased by 44 cents to settle at $58.24. Although market concern regarding crude demand pushed prices lower today, crude prices have increased this week, reaching the highest daily settlement price since January 2020 on Wednesday at $58.68. The price increase occurred after EIA’s weekly report revealed that total domestic crude inventories decreased by 6.6 million barrels to 469 million barrels, while total refinery crude utilization increased slightly from 82.3% to 83% last week. Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and utilization increases.
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.41), Brunswick ($2.40), and Macon ($2.34).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.25), Rome ($2.29), and Gainesville ($2.30).