(Media release from AAA, The Auto Club Group):
ATLANTA, GA., (September 7, 2021) — Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.98 per gallon for regular unleaded gasoline. Monday’s state average is 2 cents more than a week ago, 1 cent more than last month and 95 cents more than this time last year.
It now costs motorists $44.70 to fill a 15-gallon tank of gasoline; that is $7.80 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
National Gas Price Average Sees Minimal Impact from Hurricane Ida
Following Labor Day weekend and the remnants of Hurricane Ida, the national gas price average has stabilized at $3.18, which is just 3 cents more expensive on the week. The storm took about 13% of U.S. refinery capacity offline and while there are no firm re-start dates, refineries are expected to be back online this month.
Gasoline stock levels are currently at 227.2 million barrels, which is a healthy level. However, stock levels could tighten until refineries resume normal operations. Typically, a constraint on stocks would mean higher gas prices, but with demand expected to decrease going into the fall, price fluctuation should be minimal. Today’s national average is the same as last month, but 96 cents more than a year ago.
“Historically, gas demand starts to decline in the fall, which leads to less expensive gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Despite the dip in demand, the national average is expected to remain above $3/gallon especially as crude oil continues to price on the higher end.”
Motorists will welcome the cheaper gas prices following the most expensive summer at the pump in seven years.
|Year||National Average Memorial Day – Labor Day|
OIL MARKET DYNAMICS
At the close of Friday’s formal trading session, WTI decreased by 70 cents to settle at $69.29. Although crude prices ended the day lower, on the week crude prices were boosted by a weak dollar and the release of government data that showed weekly unemployment claims had fallen to the lowest level since the start of the COVID-19 pandemic. For this week, crude prices could continue to climb. Eighty-four percent of Gulf of Mexico oil production (1.526 million b/d) remains shuttered in the wake of Hurricane Ida, according to the Bureau of Safety and Environmental Enforcement. The downed production could put pressure on crude supplies and prices as the recovery and restoration process unfolds in the region.
Most expensive Georgia metro markets – Savannah ($3.06), Hinesville-Fort Stewart ($3.04), and Brunswick ($3.01).
Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.81), Warner Robins ($2.84), and Columbus ($2.85).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2020 Low||2020 High||Record High|
|National||$3.18||$3.18||$3.15||$3.18||$2.22||$1.76 (April)||$2.59 (January)||$4.11 (7/17/2008)|
|Georgia||$2.98||$2.98||$2.96||$2.97||$2.03||$1.61 (May)||$2.46 (January)||$4.16 (9/15/2008)|
|Click here to view current gasoline price averages|
GAS PRICE SURVEY METHODOLOGY
AAA updates fuel price averages daily atwww.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
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About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get theAAA Mobile app, visitAAA.com, and follow us on Facebook, Twitter and LinkedIn.