Georgia Pump Prices Decline; Drops 3 Cents

Georgia gas prices  decreased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.93 per gallon for regular unleaded gasoline. Monday’s state average is 3 cents less than a week ago, 23 cents more than last month and $1.21 more than this time last year.

It now costs motorists $43.95 to fill a 15-gallon tank of gasoline; that is $7.05 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.

“Although the pipeline is currently operating, some gas stations across Georgia continue to see fuel outages as supply logistics work to return to normal, “said Montrae Waiters, spokeswoman AAA-The Auto Club Group. “While pump prices are anticipated to increase due to high demand for the upcoming Memorial Day weekend, we don’t expect higher gas prices to deter motorists from hitting the road since many Americans are eager to travel.”

NATIONAL AVERAGE STABILIZES AFTER RANSOMWARE ATTACK DISRUPTS GAS DISTRIBUTION

Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $3.03.

After a week of pump price spikes, the national average for a gallon of regular gasoline held steady at $3.04 for six days, following a ransomware attack on Colonial Pipeline that halted its operations and severely constrained the delivery of gasoline along the East Coast and Southeast. According to data from the Energy Information Administration (EIA), total domestic refinery utilization increased slightly to 86.3 percent last week, while total domestic supply decreased by 2 million barrels to 234.2 million barrels and demand increased from 8.8 million barrels a day to 9.2 million barrels a day. With the gasoline distribution system continuing to recover from the attack and grappling with a shortage of gasoline tanker drivers, higher refinery utilization rates will ensure refined products, including gasoline, continue to flow where they are most needed. As demand and supply move in sync, the national average is expected to continue stabilizing. However, we could see some fluctuation this week with the lead up to Memorial Day Weekend, during which AAA forecasts 34 million Americans to take road trips.

OIL MARKET DYNAMICS

At the close of last Thursday’s formal trading session, WTI decreased by $1.31 to settle at $62.05. Crude prices decreased last week as the market remained concerned that increasing coronavirus infections around the world could reduce crude consumption this year. Additionally, new market concerns about inflation and EIA’s weekly report showing that total domestic crude inventories increased by 1.3 million barrels to 486 million barrels have also helped to reduce crude prices.

AAA CONTINUES TO URGE AGAINST PANIC-BUYING OF GASOLINE, AHEAD OF HOLIDAY WEEKEND. KEEP THESE TIPS IN MIND TO CONSERVE FUEL:

• Plan ahead to accomplish multiple errands in one trip, and whenever possible avoid high-traffic times of day.

• If you own more than one car, use the most fuel-efficient model that meets the needs of any given journey.

• Remove unnecessary and bulky items from your car. Minimize your use of roof racks and remove special carriers when not in use. It takes more fuel to accelerate a heavier car, and the reduction in fuel economy is greater for small cars than for larger models.

• In hot weather, park in the shade or use a windshield sunscreen to lessen heat buildup inside the car. This reduces the need for air conditioning (and thus fuel) to cool down the car.

REGIONAL PRICES

• Most expensive Georgia metro markets – Atlanta ($2.98), Athens ($2.97), and Gainesville ($2.95).

• Least expensive Georgia metro markets – Warner Robins ($2.81), Columbus ($2.82), and Albany ($2.83).  

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)