AAA: Georgia Average Gas Price Up 4 Cents

NEWS RELEASE

ATLANTA, GA., (February 8, 2021) — Georgia gas prices  increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.28 per gallon for regular unleaded gasoline. Monday’s state average is 4 cents more than a week ago, 16 cents more than last month, and 1 cent more than this time last year.

It now costs motorists $34.20 to fill a 15-gallon tank of gasoline; that is $2.70 less than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.

“Rising crude oil prices contribute to higher gas prices this week,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “An increase in crude utilization and increasing crude prices have and will continue to contribute to higher pump prices for drivers throughout the month.”

NATIONAL AVERAGE CONTINUES CLIMBING

Since Monday, the national average for a gallon of regular gasoline has increased by 4 cent to $2.46. Pump prices have increased this week, while gas demand decreased slightly from 7.83 million barrels a day to 7.78 last week, according to new data from the Energy Information Administration (EIA). In addition, total domestic gasoline supplies increased by 4.5 million barrels to 252.2 million barrels and total crude utilization across domestic refineries took a small step forward from 81.7 percent to 82.3 percent.

At the close of last Thursday’s formal trading session, WTI increased by 54 cents to settle at $56.23, which is the highest settlement price of the year. Crude prices rose last week after the Organization of the Petroleum Exporting Countries and its production reduction agreement partners met to review compliance with their agreement to collectively reduce their crude production by 7.2 million barrels a day. The group decided to hold the cuts steady and expects output to remain low this year, since demand is forecasted to be lower than expected throughout 2021 due to ongoing crude demand concerns as the pandemic continues to keep travel restrictions in place. Crude prices have also been bolstered by EIA’s latest report showing that total domestic crude inventories dropped by 1 million barrels the week before. The current level now sits at 475.7 million bbl.

REGIONAL PRICES

Atlanta ($2.29)

  • Most expensive Georgia metro markets – Brunswick ($2.41), Hinesville-Fort Stewart ($2.37), and Savannah ($2.35).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.21), Warner Robins ($2.22), and Columbus ($2.23).

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)  

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2020

Low

2020

High

Record High

National

$2.46

$2.46

$2.42

$2.28

$2.44

$1.76  (April)

$2.59 (January)

$4.11   (7/17/2008)

Georgia

$2.28

$2.28

$2.24

$2.12

$2.27

$1.61  (May)

$2.46 (January)

$4.16   (9/15/2008)

Click here to view current gasoline price averages

(SOURCE: AAA)

Categories: Georgia News