Gas prices in Georgia have seen a continued decline, with the average cost for regular unleaded gasoline now sitting at $2.94 per gallon as of Monday – a 5-cent decrease from last week, though it’s slightly higher by 1 cent compared to a month ago. However, the price is 26 cents lower than it was at the same time last year.
For Georgians, filling up a 15-gallon tank of regular gasoline now costs an average of $44.10, saving drivers nearly $4.00 compared to a year ago.
“Because crude oil prices remain low, pump prices have followed suit. Now that the new month is upon us, March madness is bound to roll in, so drivers might want to savor the current dip in gas prices,” AAA spokesperson Montrae Waiters said. “Usually around March and April, we see gas prices get a little bump, thanks to everyone hitting the road for Spring Break and that pricier summer blend rolling out. Predicting how steep prices will climb is anyone’s guess, so drivers are encouraged to keep their eyes peeled and maybe budget a bit extra for fuel in their upcoming plans.”
Nationally, the average price for a gallon of regular gasoline also dropped by 5 cents, bringing it to $3.09. As winter weather fades and temperatures rise, gas prices are expected to follow suit, though a slight increase is predicted as seasonal maintenance on refineries concludes. The current national average is 14 cents lower than it was a year ago, with minimal changes in the past month.
Meanwhile, data from the Energy Information Administration (EIA) reveals that gasoline demand has risen from 8.23 million barrels per day last week to 8.45 million, while gasoline production has decreased to an average of 9.2 million barrels per day.
In the oil market, the price of West Texas Intermediate (WTI) crude oil dropped by $0.31 last Wednesday, closing at $68.62 per barrel. U.S. crude oil inventories have decreased by 2.3 million barrels, bringing total reserves to 430.2 million barrels, about 4% lower than the five-year average for this time of year.
As spring approaches, drivers are advised to keep an eye on fluctuating fuel prices, especially as demand increases and seasonal changes take effect.
