AAA: Georgia Gas Prices Increases Ahead Of Independence Day

(NEWS RELEASE)

ATLANTA, GA.,Georgia gas prices are up this week compared to a week ago. Georgia motorists are now paying an average price of $2.54 per gallon for regular unleaded gasoline. Monday’s state average is 10 cents more than a week ago, 6 cents less than this time last month, and 16 cents less than this time last year.

It now costs $38.10 to fill a 15-gallon tank of gasoline. That is $4.50 less than what motorists paid last May, when pump prices hit their 2018 peak of $2.84 per gallon.

“Georgia gas prices may seem high now, but the state average is still less than last year’s high,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “A major factor driving the increase includes the upcoming Independence Day holiday, which is expected to be a high-demand travel period (41.1 million Americans to travel by automobile).” 

Summer Brings Increase to Pump Prices

Pump prices have increased as gasoline stocks decreased and demand remains robust. According to the Energy Information Administration’s (EIA) data for last week, total domestic gasoline stocks fell by 1 million bbl to 232.2 million bbl. On the demand front, it fell from the previous week’s record-setting 9.9 million b/d to 9.5 million b/d, which is in line with last summer’s rate at this time. If gas stocks continue to dwindle alongside typical demand rates seen during the busy summer driving season, American motorists will likely see pump prices continue to increase ahead of the Independence Day holiday.

Additional Factors for Increase

  • Rising tensions between the U.S. and Iran following the downing of a U.S. drone.
  • A massive fire at a Philadelphia refinery – the largest refinery on the U.S. East Coast, which could require supplies to be redirected from other regions.
  • Growing optimism over the possibility of the United States and China reaching an accord to end the ongoing trade dispute.

   Regional Prices

  • Georgia most expensive metro markets –Atlanta ($2.59), Athens ($2.55), Gainesville ($2.54), Hinesville- Fort Stewart ($2.53).
  • Georgia least expensive metro markets – Catoosa-Dade-Walker-Columbus ($2.40), Albany- Warner Robins ($2.41).                                        

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)

Sunday Saturday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.71 $2.71 $2.66 $2.80 $2.85 $2.97 (5/26/2018) $4.11   (7/17/2008)
Georgia $2.54 $2.53 $2.44 $2.60 $2.70 $2.84 (5/27/2018) $4.16   (9/15/2008)
Click here to view current gasoline price averages

 

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.

(SOURCE: AAA)

Categories: Georgia News