Georgia motorists are now paying an average price of $1.98 per gallon for regular unleaded gasoline, a one-penny increase over last week's average as reported by AAA-The Auto Club South. Monday's state average is three cents lower than this time last month and 50-cents less than this time last year.
It now costs motorists $29.70 to fill a 15-gallon tank of gasoline; that is $11.40 less than what motorists paid in April of 2019 when pump prices hit their peak of $2.74 per gallon.
"A modest increase at the pump for Georgia motorists this week,” said AAA spokeswoman Montrae Waiters. "The good news is that gas continues to be fairly cheap. Georgians can fill-up for $2/gallon or less at gas stations across the state.”
Since last Monday, the national average for a gallon of regular gasoline has held steady at $2.17. In the new weekly report from the Energy Information Administration (EIA), gas demand increased slightly from 8.6 million barrels a day to 8.8 million barrels a day. However, last week’s estimated rate is 1 million barrels a day lower than last year’s rate in early August. Lower demand has helped to keep pump prices stable, as total domestic gasoline stocks are also holding steady at 247.1 million barrels. If demand remains low amid consistent stock levels, motorists will likely see stable pump prices in the weeks ahead.
Oil Market Dynamics
At the close of Thursday’s formal trading session, WTI decreased by 43 cents to settle at $42.24. Crude prices ended lower today after the International Energy Agency reduced its outlook for 2020 global oil demand to 91.9 million barrels a day from 92.1 million barrels a day. Additionally, domestic crude prices have been impacted this week by EIA’s weekly report, which revealed that total domestic inventories decreased by 4.5 million barrels last week, lowering total stocks to 514.1 million barrels. So far, the minimal fluctuations in crude prices have not had a noticeable impact on pump prices, but if prices increased to $45 per barrel for a prolonged period of time, consumers could see gas prices at their local stations increase.
Regional Prices
Atlanta ($1.97)
- Most expensive Georgia metro markets – Brunswick ($2.08), Hinesville-Fort Steward ($2.06) and Savannah ($2.04).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.87), Rome ($1.91) and Athens ($1.93).
- Hall County gas prices averaged $1.93.
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