AAA: Georgia Gas Prices Increase Slightly At The Pump

NEWS RELEASE

ATLANTA, GA., (July 20, 2020) — Georgia gas prices  increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.01 per gallon for regular unleaded gasoline. Monday’s state average is 2 cents more than a week ago, 10 cents more than last month, and 65 cents less than this time last year.

It now costs motorists $30.15 to fill a 15-gallon tank of gasoline; that is $10.95 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Pump prices in Georgia are still relatively cheap compared to last summer,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “But there are still concerns regarding recent uptick in new COVID-19 cases, and how this will impact gasoline prices in the coming week.”

Since last Monday, the national average for a gallon of regular gasoline holds steady at $2.19. According to new data from the Energy Information Administration (EIA), total domestic gasoline supplies decreased by 3.1 million barrels last week, bringing the current level to 248.5 million barrels. As supplies tighten, prices could continue to rise, depending on demand. Last week, demand for gasoline fell slightly from 8.77 million barrels a day to 8.65 million barrels a day.

Oil Market Dynamics

At the close of last Thursday’s formal trading session, WTI decreased by 45 cents to settle at $40.75. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million barrels to 531.7 million barrels. Decreasing crude stocks could mean that crude production is beginning to meet demand and could reduce price volatility, as coronavirus outbreaks continue to grow worldwide.

Regional Prices

Atlanta ($2.00)

  • Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.10), Savannah ($2.07) and Augusta-Aiken ($2.05).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.93), Gainesville ($1.95) and Dalton ($1.96).

 CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline) 

Sunday Saturday Week Ago Month Ago One Year Ago 2019 Low 2019 High Record High
National $2.19  $2.19  $2.19  $2.11  $2.78  $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Georgia $2.01  $2.01  $1.99  $1.91  $2.66  $2.04 (January) $2.74 (April) $4.16   (9/15/2008)
Click here to view current gasoline price averages

(SOURCE: AAA)

Categories: Georgia News