Georgia’s average gas prices have risen slightly, with drivers now paying an average of $3.00 per gallon for regular unleaded gasoline, a 6-cent increase from both last week and the previous month.
Despite the recent increase, prices are still 17 cents lower compared to this time last year.
For those filling up, it now costs an average of $45.00 to fill a 15-gallon tank, nearly $3.00 less than a year ago. According to AAA-The Auto Club Group spokeswoman Montrae Waiters, these fluctuations are tied to seasonal changes in fuel production.
“With spring just around the corner, refineries are switching up to their summer fuels and doing their usual tune-ups, which means we might see a bit of a bump in prices around this time,” AAA-The Auto Club Group spokeswoman Montrae Waiters. “Also, a major refinery in Northern California hit pause on its operations because of an explosion that took place on Feb. 1, which also caused prices to rise at the pumps in certain parts of the country.”
National Gas Prices Rise as Spring Fuels Demand
Nationally, gas prices have also seen a small increase. The national average for a gallon of regular gasoline rose by 2 cents over the past week, now sitting at $3.15. This uptick is being driven by seasonal trends, including the switch to summer fuel blends and refinery maintenance. A refinery shutdown in Northern California is further straining supply and contributing to price increases across the nation.
The Energy Information Administration (EIA) reports that gasoline demand has climbed to 8.57 million barrels per day, up from 8.32 million barrels last week. At the same time, domestic gasoline supply decreased from 251.1 million barrels to 248.1 million, while gasoline production increased to an average of 9.3 million barrels per day.
Oil Market Factors Contributing to Price Shifts
Meanwhile, the price of crude oil has also been fluctuating. As of Wednesday’s close, West Texas Intermediate (WTI) crude dropped $1.95, settling at $71.37 per barrel. Despite this drop, U.S. crude oil inventories have risen by 4.1 million barrels, bringing the total to 427.9 million barrels—approximately 4% below the five-year average for this time of year.
With warmer months approaching, consumers can expect gas prices to remain in flux, influenced by a mix of seasonal trends and supply-demand dynamics.
