October 21, 2019–11:45 p.m.
Georgia gas prices drop another 2 cents at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.43 per gallon for regular unleaded. Monday’s state average is 2 cents less than a week ago, 16 cents less than this time last month, and 32 cents less than this time last year.
It now costs $36.45 to fill a 15-gallon tank of gasoline. That is $6.15 less than what motorists paid in May of 2018 when pump prices hit their peak of $2.84 per gallon.
“Peak refinery maintenance season has caused volatility across the country,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Georgia saw gas prices decrease, while nearly half of all states saw gas prices increase by a half-percent or more. Motorists can expect fluctuations at the pump likely through the end of the month due to ongoing maintenance and tighter gasoline supply.”
Oil market dynamics
Crude prices fell last week after EIA’s report revealed that total domestic crude inventories grew significantly – by 9.3 million bbl – to total 434 million bbl. Increased domestic production, which hit 12.6 million b/d last week, has helped to push crude stocks up. When compared to last year’s rate at this time, crude production is up by 1.7 million b/d this year. Additionally, trade tensions between China and the U.S. continue to worry the market, putting downward pressure on prices. Motorists are likely to see some fluctuation in gas prices in the week ahead, especially as refineries in the region undergo maintenance.
Local averages on Monday were $2.40 in Gordon County, $2.33 in Floyd and Chattooga County, $2.39 in Bartow County, and $2.44 in Polk County.