AAA Georgia: Slight Price Changes At The Pump

NEWS RELEASE

ATLANTA, GA., (October 5, 2020) — Georgia gas prices  decreased slightly at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.99 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent less than a week ago, 5 cents less than last month, and 52 cents less than this time last year.

It now costs motorists $29.85 to fill a 15-gallon tank of gasoline; that is $11.25 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Georgia gas prices decreased minimally by one to two cents or saw no change at the pump,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “That is likely to continue into the fall season as motorists take fewer road trips, especially amid the pandemic.”

SMALL INCREASE IN DEMAND PUSHES NATIONAL AVERAGE UP

Since last Monday, the national average for a gallon of regular gasoline has held steady at $2.19. In the new weekly report from the Energy Information Administration (EIA), gas demand saw a slight uptick to 8.53 million barrels a day from 8.52 million barrels a day. The slight growth in demand, despite total domestic stocks growing by 700,000 barrels to 228.2 million barrels, has minimally edged the national average more expensive. 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 decreased by $1.50 to settle at $38.72. Crude prices fell due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. The drop in prices occurred despite EIA’s weekly report revealing that total domestic crude inventories decreased by 2 million barrels last week to 492.4 million barrels. Crude prices may continue to decrease if demand challenges persist.

REGIONAL PRICES

Atlanta ($2.00)

  • Most expensive Georgia metro markets – Brunswick ($2.09), Savannah ($2.08) and Hinesville-Fort Stewart ($2.04).
  • Least expensive Georgia metro markets – Columbus (1.89), Catoosa-Dade-Walker ($1.91) and Albany ($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 $2.66 $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Georgia $1.99 $2.00 $2.00 $2.04 $2.51

(SOURCE: AAA)

Categories: Georgia News