Reversing a trend seen over the past few weeks, Georgia gasoline prices increased at the pump compared to a week ago. Georgia motorists are paying an average price of $2.93 per gallon for regular unleaded gasoline. Monday’s state average is two cents higher than a week ago, two cents higher than last month and 94 cents more than this time last year.
The Gainesville metro has some of the lowest average prices in the state at $2.89 a gallon.
It costs Georgia motorists $43.95 to fill a 15-gallon tank of gasoline, which is $7.05 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Georgians have seen prices hold steady at the pump for the past few weeks,” said Garrett Townsend, AAA-The Auto Club Group Public Affairs Director. “However, motorists can expect increases at the pump through the end of the month as peak driving season continues and demand grows.”
ALL-TIME HIGH GAS DEMAND CONTRIBUTES TO INCREASE IN NATIONAL AVERAGE
Since last Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.14. In its latest weekly report, new data from the Energy Information Administration (EIA) showed gas demand jumped from 9.17 million barrels a day to 10.04 million barrels a day last week. The estimated rate, which will likely be revised in a few months after verified data is available, is the highest weekly gas demand estimate released by EIA since 1991 and only reflects one day of the Independence Day holiday weekend. Higher demand and a 6.1 million barrel decline in total gas stocks last week have pushed pump prices higher. If these trends continue, while the price of crude remains above $70 per barrel, American drivers can expect gas prices to continue climbing during the busy summer driving season.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI increased by 74 cents to settle at $72.94. Crude prices declined earlier in the week due to a stronger dollar and market concerns about excess crude supply. However, prices reversed course following the release of EIA’s report that showed total domestic crude inventories decreased by 6.9 million barrels to 445.5 million barrels last week.
- Most expensive Georgia metro markets – Savannah ($3.01), Brunswick ($2.99), and Atlanta ($2.94).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.83), Warner Robins ($2.87), and Gainesville ($2.89).