Gas prices in Georgia have decreased over the past week. The average price for regular unleaded gasoline in the state is now $2.93 per gallon, though it’s subject to change overnight.
This marks a 3-cent drop from last week, a 3-cent increase from a month ago, and a 10-cent decrease from last year. Filling a 15-gallon tank now costs Georgians an average of $43.95, nearly $2.00 less than this time last year.
“Declining oil prices, combined with modest local demand, have allowed fuel prices to ease from their recent highs,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “With winter’s chill halfway behind us, we expect fewer price surges when refueling in the coming months.”
National Overview
Nationally, the average price for a gallon of regular gasoline dropped by 3 cents to $3.09. The easing of oil costs and lukewarm domestic demand have led to this slight reprieve at the pumps. According to the U.S. Energy Information Administration (EIA), gasoline demand increased from 8.08 million barrels per day to 8.30 million, while gasoline stocks rose from 245.9 million barrels to 248.9 million. Gasoline production fell, averaging 9.2 million barrels per day.
Oil Market Update
As of Wednesday’s close, West Texas Intermediate (WTI) crude oil settled at $72.62 per barrel, down $1.15. The EIA reported a 3.5 million barrel increase in crude oil inventories. At 415.1 million barrels, U.S. crude oil stocks are currently about 6% below the five-year average for this time of year.
