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AAA: Georgia gas prices jump 6 cents in one week

By AccessWDUN Staff
Posted 6:12AM on Monday 11th January 2021 ( 1 month ago )

Georgia motorists are now paying an average price of $2.16 per gallon for regular unleaded gasoline, which is six cents more than a week ago. AAA-The Auto Club Group said Monday's state average is 16-cents more than last month, and 29-cents less than this time last year.

The agency said it now costs motorists $32.40 to fill a 15-gallon tank of gasoline. That's still $4.50 less than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.

"Pump prices increased for Georgians this week,” said AAA spokeswoman Montrae Waiters. “If total domestic crude supply continues to drop, crude prices could continue to increase and push pump prices higher.”

NATIONAL AVERAGE INCREASES AS CRUDE OIL PRICES CLIMB DESPITE PLUMMETING DEMAND

Since Monday, the national average for a gallon of regular gasoline has increased by 6 cents to $2.31.  Pump prices have increased despite gas demand falling from 8.1 million barrels a day to 7.4 million barrels a day — the lowest level recorded since the end of May 2020 — and total domestic supply increasing by 4.5 million barrels to 241.1 million barrels last week, according to new data from the Energy Information Administration (EIA). Domestic crude prices climbing above $50 per barrel and growing total refinery utilization, which increased from 79 percent to 81 percent in the latest EIA weekly report, have contributed to higher pump prices. If crude prices continue to stay above $50 per barrel alongside higher refinery utilization rates, drivers could see pump prices continue to climb, which is unusual given that low winter gas demand typically pushes prices to their lowest point of the year.

At the close of last Thursday’s formal trading session, WTI increased by 20 cents to settle at $50.83. Crude prices have increased this week after Saudi Arabia announced that it would cut its crude production by 1 million barrels a day in February and March after the Organization of the Petroleum Exporting Countries met with its partners, including Russia and Kazakhstan, to discuss their ongoing production reduction agreement. Additionally, increasing crude prices were supported by EIA’s weekly report revealing that total domestic crude inventories decreased by 8 million barrels to 485.5 million barrels last week.

REGIONAL PRICES

Atlanta ($2.17)

 

http://accesswdun.com/article/2021/1/970132/aaa-georgia-gas-prices-jump-6-cents-in-one-week

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