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AAA: Gas prices take a 7-cent drop in the past week

By AccessWDUN Staff
Posted 7:11AM on Monday 3rd February 2020 ( 4 months ago )

Lower demand and an increased supply mean gasoline prices continue a downward trend, according to Monday's fuel price report from AAA-The Auto Club Group. 

Georgia motorists this week are paying an average price of $2.30 per gallon for regular unleaded gasoline. Monday's state average is 7-cents less than a week ago, 14-cents less than last month, and 16-cents more than this time last year.

It now costs $34.50 to fill a 15-gallon tank of gasoline; that is $6.60 less than what motorists paid in April of 2019 when pump prices hit their peak of $2.74 per gallon.

"Increased total domestic stocks of gasoline have helped to ease pump price,” said AAA spokeswoman Montrae Waiters. "Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response.”

Rising Gas Stocks Put Downward Pressure on Winter Pump Prices

The national gas price average is $2.47, which is 5-cents cheaper than last week, 11-cents less than last month, and 22-cents more than a year ago. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million barrels– the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990. EIA estimates that demand grew slightly from 8.56 million b/d to 8.66 million b/d. However, the current rate is lower than last year’s 8.87 million b/d at this time.

Regional Prices:

Atlanta ($2.31)

http://accesswdun.com/article/2020/2/873137/aaa-gas-prices-take-a-7-cent-drop-in-the-past-week

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