Monday, Mar. 27, 2023–9:48 a.m.
-David Crowder, WRGA News-
Georgia gas prices were stuck in neutral last week.
Georgia drivers continue to pay an average price of $3.22 per gallon for regular unleaded gasoline, which was exactly the same as the week before.
Monday’s average was also 7 cents more than a month ago, but 74 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 $12.00 less to fill up at the pump compared to a year ago.
Local averages on Monday were $3.16 in Floyd, Polk, and Bartow Counties, $3.14 in Chattooga County, and $3.18 in Gordon County.
“Spring has sprung, and Georgia drivers were more concerned with pollen covering their vehicles than gas prices rising at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “We may be seeing a return to seasonal trends in demand with warmer weather and longer days, however, fears of a recession caused global oil prices to hover near $70 a barrel, which took the edge off of rising gas prices.”
Nationally Gas Prices Are Stuck in Neutral for Now
Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $3.43 (subject to change overnight). According to data from the Energy Information Administration (EIA), gas demand increased from 8.59 million to 8.96 million barrels a day. Meanwhile, total domestic gasoline stocks decreased significantly by 6.4 million barrels to 229.6 million barrels. Increasing demand amid tighter supply would typically push pump prices higher; however, recent lower oil prices continue to push prices down.
Oil Market Dynamics
At the close of last Wednesday’s formal trading session, WTI increased by $1.23 to settle at $70.90. Crude prices rose after the EIA reported that demand grew amid a reduction in gasoline stocks, signaling to the market that demand may be more robust than anticipated this year despite ongoing economic concerns. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.1 million barrels to 481.2 million barrels last week.