Georgia Pump Prices Jump 7 Cents

Georgia gas prices  increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.23 per gallon for regular unleaded gasoline. Monday’s state average is 7 cents more than a week ago, 20 cents more than last month, and 18 cents less than this time last year.

It now costs motorists $33.45 to fill a 15-gallon tank of gasoline; that is $3.45 less than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.

“Gas prices are rising as supply tightens and crude oil gets more expensive,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “If crude prices continue to sustain prices above $50 per barrel alongside higher refinery utilization rates and demand, drivers could see pump prices continue to climb through the week.”

NATIONAL AVERAGE RISES AS CRUDE PRICES REMAIN HIGH AND UTILIZATION AND DEMAND INCREASE

Since Monday, the national average for a gallon of regular gasoline has increased by 7 cents to $2.38. Pump prices have increased while gas demand remains low at 7.53 million barrels a day and total refinery utilization increased from 80.7 percent to 82 percent in the latest weekly report from the Energy Information Administration (EIA).

At the close of last Thursday’s formal trading session, WTI increased by 66 cents to settle at $53.57. Crude prices continue to increase this week due to market optimism that coronavirus vaccines will help crude demand recover this year. Additionally, EIA’s new weekly report helped bolster prices, detailing that total domestic crude inventories declined by 3.2 million barrels to 482.2 million barrels last week.

REGIONAL PRICES

Atlanta ($2.22)

• Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.30), Savannah ($2.29), and Albany ($2.28).

• Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.17), Dalton ($2.18), and Athens ($2.20). 

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)