The average price for a gallon of regular unleaded gasoline in Georgia continues to decrease, offering relief to drivers across the state.
As of Monday, the state’s average gas price stands at $2.90 per gallon, marking a 4-cent drop compared to last week, another 4-cent dip from a month ago, and a significant 30-cent decrease from the same time last year.
For Georgians, filling up a 15-gallon tank now costs an average of $43.50, nearly $5 less than it did a year ago.
“The drop in gas prices over the weekend was a welcome relief to Georgians,” AAA spokeswoman Montrae Waiters said. “Crude oil prices, which play a key role in determining what consumers pay at the pump, continue to fluctuate. If crude remains low, gas prices will typically do the same. However, an uptick in demand nearing spring break travel may cause gas prices to rise.”
National gas prices experience subtle decrease
Nationally, gas prices have also seen a slight decline. The average price for regular gasoline has fallen by a penny to $3.08 per gallon since last Monday, primarily driven by lower oil prices. However, some drivers may experience price fluctuations due to factors such as market shifts, retailer responses to news of tariffs, and the transition to more expensive summer-grade gasoline.
Data from the Energy Information Administration (EIA) shows an uptick in gasoline demand, which rose from 8.45 million barrels per day last week to 8.87 million. Meanwhile, gasoline production increased to an average of 9.6 million barrels per day, although the total domestic gasoline supply decreased slightly, dropping from 248.3 million barrels to 246.8 million.
Oil market overview
In the oil market, the price of West Texas Intermediate (WTI) crude oil saw a notable drop last Wednesday, falling by $1.95 to settle at $66.31 per barrel. The EIA also reported that crude oil inventories increased by 3.6 million barrels, bringing the total to 433.8 million barrels. Despite this increase, U.S. crude oil inventories remain about 4% below the five-year average for this time of year.
As oil prices continue to fluctuate, consumers may continue to see volatility at the gas pump, with prices potentially rising in the coming weeks as travel demand picks up.
