Rising prices for crude oil along with increased demand and tightened supplies sent gasoline prices soaring over the past week, rising 11-cents a gallon in Georgia.
AAA said in its weekly fuel price report that the average price for a gallon of gasoline today is $2.69. That's 36-cents higher than last month and 59-cents higher than this time in 2020.
Georgia motorists are paying $40.35 to fill a 15-gallon tank of gasoline; that is $3.45 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Nearly every state average has climbed by double-digits since February resulting in one in 10 gas stations with pump prices that are $3 per gallon or more,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group. “Even though Georgia pump prices are trending upward we have remained below that threshold.”
The average price in Gainesville on Monday was $2.64, a 10-cent increase over the week, although AAA said the price was among the lowest for metro areas in the state. Gwinnett County and Habersham County motorists are also paying $2.64 a gallon for gasoline, while White County continues to have the highest prices in the region at $2.70.
PUMP PRICES CONTINUE TO CLIMB HIGHER AHEAD OF SPRING
Since last Monday, the national average for a gallon of regular gasoline has increased by nine-cents to $2.85. Rising crude prices, tightening gas supplies, and increased gas demand continue to drive pump prices to higher ground. According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased by 11.9 million barrels to 231.6 million barrels, as demand increased from 8.15 million barrels a day to 8.73 million barrels a day last week. Last week’s demand measurement is the highest since the end of November 2020. If these trends continue alongside higher crude prices, drivers can expect pump prices to increase through the week.
At the close of last Thursday’s formal trading session, WTI increased by $1.58 to settle at $66.02. Market optimism about crude demand recovery continues to push crude prices higher. As vaccines continue to rollout and optimism grows, the market is likely to continue seeing higher crude prices. Crude prices will likely the end week higher despite EIA’s latest weekly report revealing that crude inventories increased by 13.8 million to 498.4 million barrels.
REGIONAL PRICES
Atlanta ($2.68)
- Most expensive Georgia metro markets – Savannah ($2.76), Valdosta ($2.72), and Brunswick ($2.71).
- Least expensive Georgia metro markets – Gainesville ($2.64), Catoosa-Dade-Walker ($2.65), and Dalton ($2.66).
