(Media release from AAA, The Auto Club Group):
Georgia gas prices decreased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.96 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent less than a week ago, 5 cents more than last month and 96 cents more than this time last year.
It now costs motorists $44.40 to fill a 15-gallon tank of gasoline; that is $7.50 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Motorists saw some positive change at the pump on the week with 31 states gas price averages declining one to five cents,” said Montrae Waiters, spokeswoman AAA-The Auto Club Group. “The national gas price average decreased as well. One factor contributing to the decline was U.S. gasoline demand remaining relatively flat on the week.”
NATIONAL GAS PRICE AVERAGE DIPS AS CRUDE OIL PRICES SEE DRAMATIC FLUCTUATION
Since last Monday, the national average for a gallon of regular gasoline has decreased by 2 cents to $3.15.
At this point, it is too early to say if cheaper pump prices will be sustained or continue their downward trend. Part of the unknown is due to fluctuating crude prices, which dropped to a low of $66 barrels last Monday, but were back over $70 barrels by the end of the week. Prices initially dropped following news from the Organization of the Petroleum Exporting Countries (OPEC) that they have reached a deal to increase production in August. However, that promise has been compromised by concerns about the rise in COVID case numbers and how that could negatively affect global demand.
OIL MARKET DYNAMICS
At the close of Friday’s formal trading session, WTI increased by 16 cents to settle at $72.07. Although crude prices tumbled last week to $66 per barrel due to market concerns that the spread of the COVID-19 Delta variant will slow potential economic growth and demand, market concern about the ongoing pandemic reversed by the end of the week and pushed crude prices higher. Prices increased despite the Energy Information Administration reporting that total domestic crude inventories rose by 2.1 million barrels to 439.7 million barrels and plans by OPEC to increase production next month. For this week, crude prices could decline if market concerns about demand grow.
REGIONAL PRICES
- Most expensive Georgia metro markets – Savannah ($3.03), Hinesville-Fort Stewart ($3.02), and Atlanta ($2.99).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.84), Warner-Robins ($2.86), and Rome ($2.90).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
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Sunday
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Saturday
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Week Ago
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Month Ago
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One Year Ago
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2020
Low |
2020
High |
Record High
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National
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$3.15
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$3.15
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$3.17
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$3.09
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$2.18
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$1.76 (April)
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$2.59 (January)
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$4.11 (7/17/2008)
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Georgia
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$2.96
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$2.96
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$2.97
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$2.91
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$2.00
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$1.61 (May)
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$2.46 (January)
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$4.16 (9/15/2008)
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Click here to view current gasoline price averages
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