GA gas prices show little change
ALBANY, Ga. (WALB) - According to Monday morning reports from AAA and Gas Buddy, Georgia gas prices have fallen 0.5¢ per gallon in the past week, averaging $2.66 a gallon today. Gas prices in Georgia are 3.2¢ per gallon lower than a month ago and stand $1.06 a gallon higher than a year ago.
Georgia gas prices have held steady for three consecutive weeks, said AAA, with the state average at $2.70 per gallon.
It now costs motorists $40.50 to fill a 15-gallon tank of gasoline; that is $3.60 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon, said AAA.
According to GasBuddy price reports, the cheapest station in Georgia is priced at $2.39 a gallon today while the most expensive is $3.09 a gallon, a difference of 70.0¢ per gallon. The lowest price in the state today is $2.39 a gallon while the highest is $3.09 a gallon, a difference of 70.0¢ per gallon.
“Georgia gas price average has seen little to no movement at the pumps,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Continuing market optimism that crude demand may increase more than expected due to increasing vaccine rollouts may help to lift prices this week. If crude prices continue to rise, pump prices will likely follow suit.”
Since last Monday, the national average for a gallon of regular gasoline has increased by a penny to $2.88. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 100,000 barrels to 235 million barrels last week. The increase helped to minimize pump price increases as demand increased from 8.94 million barrels a day to 9.1 million barrels a day. Last week’s demand estimate is one of the highest since March 2020, when social distancing restrictions were established that dramatically reduced gas demand, and is in line with typical spring driving season rates seen pre-pandemic.
At the close of last week’s formal trading session, crude oil increased by eight cents to settle at $61.43. Crude prices increased despite growing market concern that surging coronavirus infection rates in Asia may derail expectations for crude demand recovery. The total domestic crude inventory increased by 600,000 barrels to 493 million barrels last week, contributing to downward pressure on crude prices.
The national average price of gasoline has risen 0.4¢ per gallon in the last week, averaging $2.87 a gallon today. The national average is up 2.0¢ per gallon from a month ago and stands $1.13 a gallon higher than a year ago.
“Last week saw limited upward movement in gas prices, tying the previous high water mark we last saw in March, signaling that perhaps we may see additional upside as most states in the nation have finished the transition to EPA-mandated summer gasoline,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While gasoline demand did dip last week for the third straight week according to GasBuddy data, it was yet another small decline, and as temperatures continue to warm ahead of summer, it wouldn’t surprise me that demand will rebound in the weeks ahead and we could continue to see gas prices push higher. For now, however, it doesn’t appear that any rise in price would be significant, so motorists shouldn’t be too concerned at this point, but may see average prices inch higher.”
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