August 3rd, 2020 – 12:00 PM
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 $1.99 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent less than a week ago, same as last month, and 60 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 Pump prices are mostly pushing cheaper across the state as gasoline demand wanes over the past few weeks,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Until it appears that the threat from COVID-19 decreases, gas prices are likely going to continue shifting.”
Since last Monday, the national average for a gallon of regular gasoline holds steady at $2.18. As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. According to the Energy Information Administration (EIA) demand reading measures at 8.5 million barrels a day, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week.
Oil Market Dynamics
At the end of Friday’s formal trading session, WTI increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million barrels. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.
- Most expensive Georgia metro markets – Brunswick ($2.13), Hinesville-Fort Steward ($2.10) and Savannah ($2.07).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.90), Rome ($1.92) and Gainesville ($1.93).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2019 Low||2019 High||Record High|
|National||$2.18||$2.18||$2.18||$2.17||$2.72||$2.23 (January)||$2.90 (May)||$4.11 (7/17/2008)|
|Georgia||$1.99||$1.99||$2.00||$1.99||$2.59||$2.04 (January)||$2.74 (April)||$4.16 (9/15/2008)|
|Click here to view current gasoline price averages|