August 5, 2019–7:37 a.m.
Georgia gas prices continue to decline.
Georgia motorists are now paying an average price of $2.57 per gallon for regular unleaded.
Monday’s state average is 4 cents less than a week ago, 1 cent less than this time last month, and 20 cents less than this time last year.
It now costs $38.55 to fill a 15-gallon tank of gasoline. That is $4.05 less than what motorists paid last May when pump prices hit their 2018 peak of $2.84 per gallon.
“These less expensive gas prices are a welcome relief at the pump,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Right now, gas prices are poised to push even cheaper going into the first full week of August.”
Falling Gas Demand Contributes to Declining Pump Prices
New data from the Energy Information Administration revealed that demand dropped last week, landing at 9.55 million b/d. The rate is approximately 100,000 b/d less than the previous week and 300,000 b/d less than last year at this time. Total domestic stocks of gasoline also fell last week. They hit 230.7 million bbl after the total refinery utilization rate fell slightly to 93 percent, which is 2 percent lower than last summer at this time. If demand remains low, pump prices will likely continue to see modest decreases moving into this week.
Local averages on Monday were $2.49 in Floyd County, $2.50 in Bartow County, $2.53 in Gordon County, $2.47 in Chattooga County, and $2.60 in Polk County.