AAA: Georgia Gas Price Increase 2 Cents

NEWS RELEASE

ATLANTA, GA., (June 22, 2020) — Georgia gas prices  increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.92 per gallon for regular unleaded gasoline. Monday’s state average is 2 cents more than a week ago, 22 cents more than last month, and 52 cents less than this time last year.

It now costs motorists $28.80 to fill a 15-gallon tank of gasoline; that is $12.30 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“As Americans drive more, they are re-fueling gasoline demand levels, which is helping to lift pump prices,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Higher demand will contribute to increasing gas prices in the coming weeks, but they aren’t going to spike to typical summer prices. That’s because demand won’t be sufficient enough to drive down stocks levels.”

National Average Slows Ascent

Since last Monday, the national average for a gallon of regular gasoline is $2.12, which is 2 cents higher than a week ago. According to new data from the Energy Information Administration (EIA), gas demand decreased slightly last week, moving from 7.90 million barrels a day to 7.87 million barrels a day. As demand decreases, alongside healthy domestic gasoline stock levels at 257 million barrels, slower pump price increases will likely continue through the end of the month.

At the close of Thursday’s formal trading session, WTI increased by 88 cents to settle at $38.84. Domestic crude prices have increased amid greater market focus on compliance with the production reduction agreement between the Organization of the Exporting Countries (OPEC) and its partners, including Russia, which has worked to cut global crude production by 9.7 million barrels a day since May 1, 2020. It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July.

 

Regional Prices

Atlanta ($1.92)

  • Most expensive Georgia metro markets – Brunswick ($2.02), Savannah ($1.98) and Hinesville-Fort Stewart ($1.96).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.85), Athens ($1.87) and Gainesville ($1.85). 

 

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline) 

Sunday Saturday Week Ago Month Ago One Year Ago 2019 Low 2019 High Record High
National $2.12  $2.12  $2.10 $1.92  $2.66  $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Georgia $1.92  $1.92  $1.90  $1.70  $2.44  $2.04 (January) $2.74 (April) $4.16   (9/15/2008)
Click here to view current gasoline price averages

(SOURCE: AAA)

Categories: Georgia News