Georgia motorists are now paying an average price of $1.98 per gallon for regular unleaded gasoline, according to the weekly fuel price report from AAA-The Auto Club Group.
Monday's state average is two-cents less than a week ago, two-cents less than last month, and 43 cents less than this time last year.
The weekly report said it now costs motorists $29.70 to fill a 15-gallon tank of gasoline, which is $11.40 less than what motorists paid in April of 2019 when pump prices hit their peak of $2.74 per gallon.
"Georgians continue to see cost savings at the pump," said AAA spokeswoman Montrae Waiters. "Lower demand has aided gas prices to decline, which will likely last until the end of fall."
DECLINE IN GAS DEMAND CONTRIBUTES TO NATIONAL AVERAGE REMAINING LOW
Since last Monday, the national average for a gallon of regular gasoline has decreased by one-cent to $2.16. In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.58 million barrels a day to 8.29 million barrels a day. Low demand, even as total domestic stocks increased by 1.9 million barrels to 227 million barrels last week, has helped pump prices decrease. As demand remains low, American drivers should expect pump prices to continue to decline this fall
OIL MARKETS DYNAMICS
At the close of last Thursday’s formal trading session, WTI increased by 61 cents to settle at $40.64. Domestic crude prices increased despite market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The increase in crude prices was supported by EIA’s new weekly report showing that total domestic crude inventories dropped by 1 million barrels to 488.1 million barrels last week. However, if demand concerns continue to weigh on the market, crude prices — and gas prices — could decrease.
REGIONAL PRICES
Atlanta ($1.99)
- Most expensive Georgia metro markets – Brunswick ($2.07), Savannah ($2.06) and Hinesville-Fort Stewart ($2.00).
- Least expensive Georgia metro markets – Columbus ($1.88), Warner Robins ($1.89) and Rome ($1.90).
- Hall County's average price on Monday was $1.96.
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