Statewide gasoline prices in Georgia have held steady for three consecutive weeks. The state average remains at $2.70 per gallon, according to this week's fuel price report from AAA-The Auto Club Group.
"Georgia's gas price average has seen little to no movement at the pumps," said Montrae Waiters, spokeswoman for the agency. “Continuing market optimism that crude demand may increase more than expected due to increasing vaccine rollouts may help to lift prices this week. If crude prices continue to rise, pump prices will likely follow suit.”
Waiters said it now costs motorists $40.50 to fill a 15-gallon tank of gasoline.
INCREASING GAS DEMAND CONTRIBUTES TO SLIGHT NATIONAL AVERAGE INCREASE
Since last Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.88. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 100,000 barrels to 235 million barrels last week. The increase helped to minimize pump price increases as demand increased from 8.94 million barrels a day to 9.1 million barrels a day. Last week’s demand estimate is one of the highest since March 2020, when social distancing restrictions were established that dramatically reduced gas demand, and is in line with typical spring driving season rates seen pre-pandemic.
OIL MARKET DYNAMICS
At the close of last week’s formal trading session, WTI increased by eight cents to settle at $61.43. Crude prices increased despite growing market concern that surging coronavirus infection rates in Asia may derail expectations for crude demand recovery. Additionally, EIA’s weekly report revealed that total domestic crude inventory increased by 600,000 barrels to 493 million barrels last week, contributing to downward pressure on crude prices.
- Most expensive Georgia metro markets – Savannah ($2.77), Hinesville-Fort Stewart ($2.76), and Brunswick ($2.75).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.62), Albany ($2.63), and Warner Robins ($2.65).
- The average price for gasoline in Hall, Forsyth and Jackson counties is $2.63. The most expensive gasoline in the region surrounding Hall County is in Banks County, where the average pump price is $2.71.