Gasoline prices - both nationally and statewide - held steady compared to a week ago, according to this week's fuel price report from AAA.
The agency said Georgia motorists are paying an average price of $2.70 per gallon for regular unleaded gasoline. Monday's state average is four cents less than a month ago, and $1.03 more than this time last year.
It now costs motorists $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.
“For a second week in a row Georgia motorists saw minimal or no change at the pumps,” said Montrae Waiters, spokeswoman for AAA – The Auto Club Group. “We anticipate demand will continue to grow throughout the month as vaccinations become more widely available, which indicates gas prices may rise in the coming weeks.”
NATIONAL AVERAGE FLAT AS GAS DEMAND INCREASES
Since last Monday, the national average for a gallon of regular gasoline has increased by one cent to $2.87. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 300,000 barrels (bbl) to 234.9 million bbl last week. The increase helped to minimize pump price increases as demand increased from 8.78 million barrels a day to 8.94 million barrels a day. Continued growth in total domestic supply will likely help to keep pump prices in check through the weekend.
OIL MARKET DYNAMICS
At the close of last week’s formal trading session, WTI increased by 31 cents to settle at $63.46. Crude prices have increased week-over-week due to continuing market optimism that crude demand may increase more than expected due to increasing vaccine rollouts. WTI settled at $63.15/bbl on Wednesday — the first time since March 17 that the price settled at more than $62/bbl. Additionally, EIA’s weekly report revealed that total domestic crude inventory dropped by 5.9 million bbl to 492.4 million bbl last week, contributing to price increases. If crude prices continue to rise and remain high, pump prices will likely follow suit.
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.77), Brunswick ($2.74), and Macon ($2.72).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.62), Albany ($2.64), and Gainesville ($2.65).