AAA: Minimal Price Changes At The Pump

NEWS RELEASE

ATLANTA, GA., (September 28, 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 1 cent more than a week ago, 2 cents less than last month, and 56 cents less than this time last year.

It now costs motorists $30.00 to fill a 15-gallon tank of gasoline; that is $11.10 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Georgians see a modest increase at the pump this week,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “The uptick in demand has helped to lift gas prices, which continue to trend lower than what consumers paid a year ago.”

SLIGHT UPTICK IN DEMAND CONTRIBUTES TO NATIONAL AVERAGE INCREASE

Since last Monday, the national average for a gallon of regular gasoline has increased by 1 cent to $2.19. In the new weekly report from the Energy Information Administration (EIA), gas demand saw a slight uptick to 8.52 million barrels a day from 8.48 million barrels a day. The slight growth in demand, alongside total domestic stocks falling by 4 million barrels to 227.5 million barrels, has led to increases in pump prices. If demand continues to grow, pump prices could continue to climb. However, as the nation settles into fall, demand will likely decline as drivers take fewer road trips.

CRUDE OIL

At the close of last Thursday’s formal trading session, WTI increased by 38 cents to settle at $40.31. Domestic crude prices increased after EIA’s weekly report revealed that total domestic crude inventories decreased by 1.6 million barrels last week to 494.4 million barrels. Decreasing stocks could signal that supply and demand are rebalancing, while crude production decreased by 200,000 barrels a day last week to 10.7 million barrels a day. Crude prices may continue to increase if supplies grow tighter, but demand challenges could contain potential growth in prices.

REGIONAL PRICES

Atlanta ($2.00)

  • Most expensive Georgia metro markets – Savannah ($2.08), Brunswick ($2.05) and Hinesville-Fort Stewart ($2.03).
  • Least expensive Georgia metro markets – Columbus (1.88), Catoosa-Dade-Walker ($1.90) and Warner Robbins ($1.92).

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  $2.18  $2.18 $2.22  $2.65  $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Georgia $2.00  $2.00  $1.99  $2.02  $2.56  $2.04 (January) $2.74 (April) $4.16   (9/15/2008)
Click here to view current gasoline price averages

(SOURCE: AAA)

Categories: Georgia News, US News