Gas prices in Georgia have remained stable over the past week, with motorists continuing to pay an average of $2.94 per gallon for regular unleaded gasoline.
According to AAA-The Auto Club Group, the state average remains unchanged from last week, is one cent lower than a month ago, and sits 38 cents below the price recorded this time last year.
At the current rate, it costs approximately $44.10 to fill up a standard 15-gallon gas tank in Georgia, nearly $7.00 less than a year ago.
“Pump prices saw minimal or no change at the pumps,” said Montrae Waiters, a spokeswoman for AAA-The Auto Club Group. “As gas prices trend lower than last year’s peaks, drivers may feel a sudden sting at the pump with each fill-up as Spring Break rolls in for students across the state. There is still a bright spot for Georgians; we are trending 21 cents below the national average of $3.15.”
National trends
While Georgia gas prices have remained steady, the national average for a gallon of regular gasoline has increased by three cents over the past week to $3.15. This rise comes as Spring Break travel picks up, pushing demand higher. Gas prices typically climb this time of year, peaking during the summer months. Despite the recent increase, the national average remains approximately 40 cents lower than last year, due in part to weaker crude oil prices and tepid gasoline demand.
According to the latest data from the Energy Information Administration (EIA), gasoline demand in the U.S. dropped from 8.81 million barrels per day to 8.64 million barrels per day. Additionally, the total domestic gasoline supply fell from 240.6 million barrels to 239.1 million barrels, while gasoline production averaged 9.2 million barrels per day last week.
Oil Market Update
Crude oil prices have seen modest increases in recent trading sessions. As of last Wednesday, West Texas Intermediate (WTI) crude settled at $69.65 per barrel, reflecting a 65-cent increase. The EIA also reported a decline in U.S. crude oil inventories, which fell by 3.3 million barrels to a total of 433.6 million barrels. Current crude oil inventory levels are about 5% below the five-year average for this time of year, contributing to the recent fluctuations in gas prices.
While Georgia drivers are currently experiencing a reprieve from rising costs at the pump, the combination of seasonal demand, fluctuating crude oil prices, and inventory levels may lead to shifts in gas prices in the weeks ahead.
