Georgia gas prices saw a slight decrease this week, with drivers now paying an average of $2.89 per gallon for regular unleaded gasoline. This marks a 1-cent drop from last week’s price, a 11-cent decrease compared to a month ago, and a 46-cent drop from the same time last year.
Currently, according to AAA, it costs Georgia drivers approximately $43.35 to fill a 15-gallon tank, which is nearly $7.00 less than it did a year ago.
“Dipping crude oil rates, a mismatch of supply and demand, and concerns about the economy’s direction could significantly influence fuel prices in the months ahead,” said Montrae Waiters, AAA- The Auto Club Group spokeswoman. “AAA encourages drivers to use the money-saving gas tips listed below.”
National Gas Price Trends
On a national level, the average price for a gallon of regular gasoline has decreased by 1 cent to $3.07 as of Monday, despite increased demand. This drop comes as travelers prepare for the busy spring break season, with many states seeing gas prices dip below $3.00 per gallon.
The latest data from the Energy Information Administration (EIA) shows an increase in gasoline demand, rising from 8.87 million barrels per day to 9.18 million. However, the total domestic gasoline supply has decreased from 246.8 million barrels to 241.1 million barrels, slightly below seasonal averages. Gasoline production also dropped to an average of 9.6 million barrels per day.
Oil Market Update
In the oil market, West Texas Intermediate (WTI) crude oil prices saw an increase last Wednesday, rising by $1.43 to settle at $67.68 per barrel. The EIA reports that U.S. crude oil inventories have decreased by 1.4 million barrels, with current levels at 435.2 million barrels, approximately 5% below the five-year average for this time of year.
