In just one week, Georgia gasoline prices jumped 18-cents a gallon, according to fuel price analysts. The blame goes to frigid weather along the Gulf Coast.
Georgia motorists are now paying an average price of $2.51 per gallon for regular unleaded gasoline. Monday's state average is 27-cents more than last month and 21-cents more than this time last year.
It now costs motorists $37.65 to fill a 15-gallon tank of gasoline; that is 75 cents more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Abnormally cold temperatures over the last week along the Gulf Coast has contributed to rising gas prices,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group. “The situation is fluid and it is possible to see an increase in Georgia gas prices this coming week.”
WINTER WEATHER CRIPPLES GULF COAST REFINERIES, SENDING GAS PRICES HIGHER
Since last Monday, the national average for a gallon of regular gasoline has increased by 13 cents to $2.63. The jump in the national average is a direct result of all major Gulf Coast refineries being impacted by the recent winter storm, which has caused gas supplies to tighten and pump prices to increase. Until refineries resume normal operations, supply is expected to remain tight in impacted areas, especially with road conditions and power outages reducing fuel deliveries. Warmer weather is expected in the Gulf Coast in coming days, which will assist with getting refinery operations up and running again. Until then, the impact will result in most drivers seeing pump prices increasing another 5-15 cents through the weekend.
At the close of last Thursday’s formal trading session, WTI decreased by 62 cents to settle at $60.52. Although crude prices ended the day lower due to market concerns regarding demand, they have increased so far this week due to supply and delivery impacts from the winter storm. Additionally, the Energy Information Administration’s new weekly report revealed that total domestic crude inventories dropped by 7.3 million barrels last week, bringing the supply level to 461.8 million barrels. As crude inventories decline, crude prices are likely to continue increasing while pushing pump prices higher.
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.56), Savannah ($2.54), and Gainesville ($2.52).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.43), Rome ($2.45), and Albany ($2.47).