Georgia motorists are now paying an average price of $2.97 per gallon for regular unleaded gasoline, just a penny less than a week ago. This time last month, Georgians were paying an average of $2.98 per gallon for gasoline. The state average today is 95 cents more than this time last year.
AAA-The Auto Club South said in its weekly fuel price report that it costs motorists $44.55 to fill a 15-gallon tank of gasoline, which is $7.65 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
"Georgians may notice pump prices falling slowly as we approach the fall season," said Montrae Waiters, spokeswoman for AAA. “Tropical storm Ida appears to have had minimal impact on Georgia gas prices, however, there is a slight possibility gas prices could fluctuate over the next few weeks.”
NATIONAL AVERAGE STEADIES AS SOME STATES SEE FLUCTUATIONS IN WAKE OF IDA
The national gas price average is $3.17. New data from the Energy Information Administration shows that gas demand increased slightly from 9.58 million barrels a day to 9.61 million barrels a day last week — a healthy reading for the Labor Day weekend. Meanwhile, total domestic stocks took a major step back by 7.2 million barrels to 220 million barrels. Refinery utilization was down almost 10% to 81.9%, as refineries impacted by Ida continue to progress in their recovery efforts. With demand increasing and supplies tightening, some states have seen prices fluctuate, with some up by four cents and others lower by 3 cents. Oil prices remain high (near $70 per barrel), the national average is expected to stay above $3 per gallon.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by $1.16 to settle at $68.14. Although crude prices declined amid reports of China tapping its strategic oil reserves to reduce prices, crude prices remain elevated as approximately 77% of crude oil production in the Gulf Coast region is shuttered due to Hurricane Ida, according to the federal Bureau of Safety and Environmental Enforcement. Once the damage is assessed, production will gradually return to normal operations and stabilize prices as supply increases.
Most expensive Georgia metro markets – Savannah ($3.06), Hinesville-Fort Stewart ($3.04), and Brunswick ($3.02).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.86), Dalton ($2.88), and Rome ($2.89).
Hall County's average price today is $2.92, down a penny from last week. The highest pump price in the region is in Banks County, where motorists are paying $3.00.