AAA: Georgia Gas Prices Shift Lower

NEWS RELEASE

ATLANTA, GA., (October 26, 2020) — Georgia gas prices  decreased at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.98 per gallon for regular unleaded gasoline. Monday’s state average is 2 cents less than a week ago, 2 cents less than last month, and 43 cents less than this time last year.

It now costs motorists $29.70 to fill a 15-gallon tank of gasoline; that is $11.40 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Georgians continue to see cost savings at the pump,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Lower demand has aided gas prices to decline, which will likely last until the end of fall.”

DECLINE IN GAS DEMAND CONTRIBUTES TO NATIONAL AVERAGE REMAINING LOW

Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $2.16. In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.58 million barrels a day to 8.29 million barrels a day. Low demand, even as total domestic stocks increased by 1.9 million barrels to 227 million barrels last week, has helped pump prices decrease. As demand remains low, American drivers should expect pump prices to continue to decline this fall

OIL MARKETS DYNAMICS

At the close of last Thursday’s formal trading session, WTI increased by 61 cents to settle at $40.64. Domestic crude prices increased despite market concern about increasing coronavirus infections worldwide, which could lower crude demand as countries impose new restrictions that will likely limit oil consumption. The increase in crude prices was supported by EIA’s new weekly report showing that total domestic crude inventories dropped by 1 million barrels to 488.1 million barrels last week. However, if demand concerns continue to weigh on the market, crude prices — and gas prices — could decrease.

REGIONAL PRICES

Atlanta ($1.99)

  • Most expensive Georgia metro markets – Brunswick ($2.07), Savannah ($2.06) and Hinesville-Fort Stewart ($2.00).
  • Least expensive Georgia metro markets – Columbus ($1.88), Warner Robins ($1.89) and Rome ($1.90).

 

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline) 

Sunday Saturday Week Ago Month Ago One Year Ago 2019 Low 2019 High Record High
National $2.16 $2.16 $2.17 $2.19 $2.61 $2.23 (January) $2.90 (May) $4.11   (7/17/2008)
Georgia $1.98 $1.98 $2.00 $2.00 $2.41 $2.04 (January) $2.74 (April) $4.16   (9/15/2008)
Click here to view current gasoline price averages

(SOURCE: AAA)

Categories: Georgia News