(Media release from AAA – The Auto Club Group):
Georgia gas prices continue to decline at the pump compared to a week ago. Georgia motorists are now paying an average price of $3.87 per gallon for regular unleaded gasoline. Monday’s state average is 8 cents less than a week ago, 27 cents more than last month and $1.16 more than this time last year.
It now costs motorists $58.05 to fill a 15-gallon tank of regular gasoline.
“Since early March, Georgians have seen a 42 cents decrease at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The drop in demand, lower crude oil prices, and the Biden Administration announcement of the largest Strategic Petroleum Reserve release in history appear to have an influence on lower gas prices around the country.”
National Average Declines As U.S. Plans Daily Releases From Oil Reserve
Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $4.19. Gasoline demand decreased from 8.63 million barrels a day to 8.5 million barrels a day. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.
At the close of last Wednesday’s formal trading session, WTI increased by $3.58 to settle at $107.82. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined by 3.5 million barrels to 409.9 million barrels, approximately 18 percent lower than the level at the end of March 2021. However, crude prices are predicted to reverse course amid news that the U.S. will release 1 million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.
Most expensive Georgia metro markets – Atlanta ($3.93), Gainesville ($3.88) and Athens ($3.87).
Least expensive Georgia metro markets – Warner Robins ($3.65), Valdosta ($3.69) and Columbus ($3.70).
Georgia Record High Regular Gasoline: $4.29 (3/11/22)
Current and Past Price Averages (Regular Unleaded Gasoline)
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Money-Saving Tips for Drivers
- Shop around for gas prices. Drivers can check area gas prices on the AAA Mobile App.
- Consider paying in cash vs. credit card. Some retailers charge extra per gallon for customers who pay with a credit card.
- Enroll in fuel savings programs.
Fuel-Saving Tips for Drivers
- Maintain your vehicle to ensure optimal fuel economy. Find a trusted automotive facility at AAA.com/AutoRepair.
- Combine errands to limit driving time.
- Slow down. Fuel economy diminishes significantly at highway speeds above 50 mph.
- Drive conservatively and avoid aggressive driving. Aggressive acceleration and speeding reduces fuel economy.
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.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.