August 10th, 2020 – 10:10 AM
AAA – The Auto Club Group –
Georgia gas prices decreased slightly at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.97 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 57 cents less than this time last year.
It now costs motorists $29.55 to fill a 15-gallon tank of gasoline; that is $11.55 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Pump prices continue to decrease across the state due to lower than normal U.S. gasoline demand and healthy stock levels,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group.
Since last Monday, the national average for a gallon of regular gasoline has decreased by a penny to $2.17. In the new weekly report from the Energy Information Administration (EIA), gas demand fell from 8.8 million barrels a day to 8.6 million barrels a day. Decreasing demand for gasoline has helped pump prices to stabilize, and if demand continues to drop, pump prices could push cheaper in the coming week.
Oil Market Dynamics
At the close of last Thursday’s formal trading session, WTI decreased by 24 cents to settle at $41.95. Domestic crude prices decreased due to a weak U.S. dollar and despite EIA’s weekly report revealing that total domestic inventories decreased by 7.4 million barrels last week, lowering total stocks to 518.6 million barrels. The decrease in total supply, amid falling gasoline demand, could mean that the domestic crude market is rebalancing. However, if crude prices climb, pump prices could follow suit, depending on how local gasoline supply and demand market conditions take shape.
- Most expensive Georgia metro markets – Brunswick ($2.10), Hinesville-Fort Steward ($2.09) and Savannah ($2.05).
- Least expensive Georgia metro markets – Dalton ($1.89), Athens ($1.90) and Columbus ($1.95).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2019 Low||2019 High||Record High|
|National||$2.17||$2.17||$2.18||$2.18||$2.67||$2.23 (January)||$2.90 (May)||$4.11 (7/17/2008)|
|Georgia||$1.97||$1.97||$1.99||$1.99||$2.54||$2.04 (January)||$2.74 (April)||$4.16 (9/15/2008)|
|Click here to view current gasoline price averages|