Gasoline prices in Georgia decreased slightly compared to a week ago, according to this week's fuel price report from AAA - The Auto Club Group. The average price of $2.70 per gallon for regular unleaded gasoline one cent less than a week ago, five cents more last month, and 99 cents more than this time last year.
This week motorists will pay $40.50 to fill a 15-gallon tank of gasoline, which is $3.60 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Georgia gas prices saw minimal or no change at the pumps across the state," said Montrae Waiters, spokeswoman for AAA. “We anticipate demand will continue to increase throughout the month as vaccinations become more widely available. Georgians may see gas prices fluctuate at the pump throughout the spring season.”
GASOLINE DEMAND CONTINUES TO GROW AS PUMP PRICES FLUCTUATE
Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $2.86. Gasoline demand measured 8.9 million barrels a day in the Energy Administration’s (EIA) latest weekly report, up nearly 4% from the week prior. Because of the jump in demand, gasoline supplies tightened to 230.5 million barrels. On the week, states saw pump price changes ranging from an increase of 15 cents to a decrease of 3 cents.
OIL MARKET DYNAMICS
At the close of last week’s formal trading session, WTI increased $2.29 to settle at $61.45. Crude oil prices saw gains at the end of the week following the OPEC+ announcement that they will modestly increase production by 350,000 barrels starting in May. The production increase is less than the market expected, but enough to send crude oil prices higher. This week prices are likely to fluctuate, but not spike.
- Most expensive Georgia metro markets – Savannah ($2.77), Brunswick ($2.75), and Macon ($2.73).
- Least expensive Georgia metro markets – Albany ($2.62), Catoosa-Dade-Walker ($2.63), and Dalton ($2.65).
- Hall County's average pump price is $2.66, down a penny from last week. Motorists in Lumpkin County and White County are paying $2.70 per gallon, among the highest prices in the North Georgia region.