Monday, Mar. 20, 2023–9:50 a.m.
-David Crowder, WRGA News-
Georgia gas prices decreased last week.
Georgia drivers are now paying an average price of $3.22 per gallon for regular unleaded gasoline Monday’s state average is 4 cents less than a week ago, exactly the same as a month ago, and 96 cents less than this time last year. It now costs $48.30 to fill a 15-gallon tank of regular gasoline. Drivers are now paying almost $15.00 less to fill up at the pump compared to a year ago.
Local averages on Monday were $3.17 in Floyd County and $3.18 in Polk County.
The average price in Gordon, Bartow, and Chattooga Counties was a little lower at $3.15.
“Georgians felt some relief at the pumps this weekend,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Slow demand and the price of crude oil plunging into the low to mid $60 per barrel, a level not seen since August 2021, contributed to the decrease in gas prices.”
Gas Prices Hold Steady Amid Economic Turbulence
Since last Monday, the national average for a gallon of regular gasoline has decreased by 3 cents to $3.44 (subject to change overnight). According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.56 million to 8.59 million barrels a day last week. Meanwhile, total domestic gasoline stocks decreased by 2.1 million barrels to 236 million barrels. Typically, increased demand amid tighter supply would push pump prices higher; however, lower oil prices have countered this effect. If crude oil prices keep falling, drivers could see pump prices continue to decline.
Oil Market Dynamics
At the close of last Wednesday’s formal trading session, WTI decreased by $3.72 to settle at $67.61. Crude prices dropped that week amid rising market concerns about the health of the global banking sector. Low confidence in the sector and fears that regulatory responses could tip the economy into a recession could push crude demand down alongside prices.