Georgia gas prices are continuing their upward trend thanks to rising crude oil prices and increased gas demand.
According to Monday morning’s report from AAA -The Auto Club Group, Georgia motorists are now paying an average of $2.58 for a gallon of gas, an increase of one cent from a week ago, and 30 cents more than last month. Georgia motorists are now paying $38.70 to fill a 15-gallon tank of gasoline.
“Rising crude prices contributed to the increase this week. As a result, pump prices will likely continue to increase through the end of the month.,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group
NATIONAL AVERAGE CONTINUES TO INCREASE AS WINTER WANES
The national average for a gallon of gasoline has increased by five cents to $2.76 since last Monday, according to AAA.
“Rising crude prices, tightening gas supplies, and increased gas demand have contributed to drivers seeing higher prices at the pump,” states the report.
Data from the Energy Information Administration (EIA) shows total gas stocks decreased by 13.6 million barrels to 243.5 million barrels, while demand simultaneously increased from 7.2 million barrels a day to 8.15 million barrels a day last week. Drivers can expect at least a five-cent increase at the gas pump in March if these trends continue, according to AAA.
At the close of last Thursday’s formal trading session, WTI increased by $2.55 to settle at $63.83. Crude prices increased this week after the Organization of the Petroleum Exporting Countries (OPEC) decided with its allies, including Russia, to maintain crude production cuts of seven million barrels a day through April.
Saudi Arabia, a member of OPEC, also agreed to extend its voluntary production cut of one million barrels a day by one month.
The report from AAA states crude prices have increased despite EIA’s weekly report revealing that total domestic inventories increased by 21.6 million barrels to 484.6 million barrels last week.
REGIONAL PRICES
Atlanta ($2.58)
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.66), Savannah ($2.64), and Brunswick ($2.62).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.54), Athens ($2.56), and Warner Robins ($2.57).
Follow this link to find a map that shows gasoline prices in each Georgia county.
