July 22, 2019–8:49 a.m.
Georgia gas prices decline at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.65 per gallon for regular unleaded gasoline. Monday’s state average is 2 cents less than a week ago, 2 cents more than this time last month, and 5 cents less than this time last year.
It now costs $39.75 to fill a 15-gallon tank of gasoline. That is $2.85 less than what motorists paid last May when pump prices hit their 2018 peak of $2.84 per gallon.
“Georgia pump prices saw a slight decrease this week,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “The market price for crude and gasoline are major factors as well as local supply and demand.”
Local Averages on Monday were $2.53 in Floyd County, $2.66 in Bartow County, $2.63 in Gordon County, $2.56 in Chattooga County, and $2.66 in Polk County.
According to the Energy Information Administration’s (EIA) report for the week ending on July 12, total domestic stocks of gasoline grew by 3.6 million bbl to 232.8 million bbl.
Demand for gas took a dramatic step back by from 9.8 million b/d to 9.2 million b/d, which is an atypical rate during the summer given that drivers usually take to the roads more during this season.
For comparison, demand hit 9.7 million b/d during this time last. If demand remains low and supplies continue to grow, motorists will likely continue to see prices level out at the pump moving into next week.