July 29, 2019–6:43 a.m.
Georgia gas prices continue to decline. Georgia motorists are now paying an average price of $2.61 per gallon for regular unleaded. Monday’s state average is 4 cents less than a week ago, 9 cents more than this time last month, and 11 cents less than this time last year.
It now costs $39.15 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.
“Gasoline stocks remain robust amid a recent dip in demand, which could be one reason we are seeing Georgia pump prices decline,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “It is too soon to know if this is a long-term trend, but it is certainly a welcome relief for motorists.”
Low Gas Demand Helps to Push Pump Prices Down
Lower than usual demand has helped to push pump prices down. According to the Energy Information Administration’s (EIA) report for the weekend ending on July 19, domestic demand hit 9.67 million b/d. Although it grew from the previous week’s 9.2 million b/d, last week’s rate is below the 9.82 million b/d American motorists used during this time last year. Additionally, total domestic stocks of gas fell slightly to 232.5 million bbl. If stocks continue to drop amid low demand, pump prices will likely continue to decline moving into next week.
Local averages on Monday morning were $2.51 in Floyd County, $2.56 in Bartow County and Chattooga County, $2.57 in Gordon County, and $2.64 in Polk County.