AAA: Georgia Pump Price Holds Steady

NEWS RELEASE

ATLANTA, GA., (July 6, 2020) — Georgia gas prices  increased slightly at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.00 per gallon for regular unleaded gasoline. Monday’s state average is only 2 cents more than a week ago, 23 cents more than last month, and 59 cents less than this time last year.

It now costs motorists $30.00 to fill a 15-gallon tank of gasoline; that is $11.11 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Modest increase at the pump was a welcome relief for Georgia motorists hitting the road 4th of July weekend,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Pump prices continue to trend lower than what consumers paid a year ago. Gasoline demand appears to be rebounding, but there is still concern regarding recent uptick in new COVID-19 cases, which could prevent gas prices from continuing to rebound.”

National Average Holds Steady As Gas Demand Lowers

Since last Monday, the national average for a gallon of regular gasoline is $2.18, which is 1 cent higher than a week ago. According to new data from the Energy Information Administration (EIA), gas demand took a slight step back to 8.56 million barrels a day from 8.61 million barrels a day last week. Alongside decreasing demand, total domestic gasoline supplies grew by 1.2 million barrels to 256.5 million barrels last week. The national average holding steady means that gasoline supply and demand are largely in sync across the country.

At the close of last Wednesday’s formal trading session, WTI increased by 55 cents to settle at $39.82. Domestic crude prices increased after EIA’s weekly report revealed that total domestic crude inventories fell by 7.2 million barrels to 533.5 million barrels. Decreasing crude stocks could mean that crude production is meeting demand as it continues to recover amid new coronavirus outbreaks.

Regional Prices

Atlanta ($2.00)

  • Most expensive Georgia metro markets – Brunswick ($2.10), Hinesville-Fort Stewart ($2.06) and Savannah ($2.05).
  • Least expensive Georgia metro markets – Athens ($1.90), Catoosa-Dade-Walker ($1.92) and Dalton ($1.93).

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline) 

Sunday Saturday Week Ago Month Ago One Year Ago 2019 Low 2019 High Record High
National $2.18 $2.17 $2.17 $2.00 $2.75 $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Georgia $2.00 $1.99 $1.98 $1.77 $2.59 $2.04 (January) $2.74 (April) $4.16   (9/15/2008)
Click here to view current gasoline price averages

(SOURCE: AAA)

Categories: Georgia News