Georgia Gas Prices Relatively Unchanged From Last Week

Georgia gas prices decreased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.97 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent less than a week ago, 1 cent more than last month and 95 cents more than this time last year.

It now costs motorists $44.55 to fill a 15-gallon tank of gasoline; that is $7.65 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.

“Georgians may notice pump prices falling slowly as we approach the fall season,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Tropical storm Ida appears to have had minimal impact on Georgia gas prices, however, there is a slight possibility gas prices could fluctuate over the next few weeks.”

 NATIONAL AVERAGE STEADIES AS SOME STATES SEE FLUCTUATIONS IN WAKE OF IDA

The national gas price average is $3.17. New data from the Energy Information Administration shows that gas demand increased slightly from 9.58 million barrels a day to 9.61 million barrels a day last week — a healthy reading for the Labor Day weekend. Meanwhile, total domestic stocks took a major step back by 7.2 million barrels to 220 million barrels. Refinery utilization was down almost 10% to 81.9%, as refineries impacted by Ida continue to progress in their recovery efforts. With demand increasing and supplies tightening, some states have seen prices fluctuate, with some up by four cents and others lower by 3 cents. Oil prices remain high (near $70 per barrel), the national average is expected to stay above $3 per gallon.

OIL MARKET DYNAMICS

At the close of last Thursday’s formal trading session, WTI decreased by $1.16 to settle at $68.14. Although crude prices declined amid reports of China tapping its strategic oil reserves to reduce prices, crude prices remain elevated as approximately 77% of crude oil production in the Gulf Coast region is shuttered due to Hurricane Ida, according to the federal Bureau of Safety and Environmental Enforcement. Once the damage is assessed, production will gradually return to normal operations and stabilize prices as supply increases.

REGIONAL PRICES

Atlanta– $2.98

Most expensive Georgia metro markets – Savannah ($3.06), Hinesville-Fort Stewart ($3.04), and Brunswick ($3.02).

Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.86), Dalton ($2.88), and Rome ($2.89). 

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)