After holding steady for the last few weeks, Georgia gasoline prices have increased alongside rising crude oil and gasoline futures prices. Georgia motorists are now paying an average price of $2.99 per gallon for regular unleaded gasoline. Monday's average price per gallon is two cents more than a week ago, four cents more than last month and 99 cents more than this time last year.
Georgia motorists are now paying $44.85 to fill a 15-gallon tank of gasoline; that is $7.95 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Georgia motorists saw a slight jump at the pump,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Demand will continue to see some declines in the weeks ahead as drivers traditionally take fewer road trips in the fall, however, high crude prices (above $70 per barrel) will likely contribute to gas prices remaining elevated this season.”
NATIONAL AVERAGE STABILIZES AS RECOVERY FROM HURRICANES CONTINUES
Since Monday, the national average for a gallon of regular gasoline has decreased 1 cent to $3.18. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 3.5 million barrels to 221.6 million barrels last week. Gasoline demand remained low at 8.90 million b/d and flat from the previous week, helping to put downward pressure on pump prices. This easing is likely caused by the traditional post-Labor Day/end of summer driving season drop off in demand. The price drop has occurred while approximately 16% of crude production in the Gulf of Mexico remains shuttered due to Hurricanes Ida and Nicholas. As the recovery and restoration process continues, pump prices will likely continue to stabilize.
At the close of last Thursday’s formal trading session, WTI increased by $1.07 to settle at $73.30. Crude prices increased this week following the release of EIA’s recent weekly report that shows total domestic crude inventories decreased by 3.4 million barrels to 414 million barrels. Additionally, crude prices rose after the Federal Reserve signaled it could raise interest rates in 2022 and end its bond-purchase program that has supported the economy since the start of the COVID-19 pandemic.
Most expensive Georgia metro markets – Savannah ($3.08), Hinesville-Fort Stewart ($3.07), and Brunswick ($3.06).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.87), Warner Robins ($2.90), and Dalton ($2.91).
Hall County ($2.97)