June 17, 2019–7:30 a.m.
Georgia gas prices continue to decline. Georgia motorists are now paying an average price of $2.47 per gallon for regular unleaded. Monday’s state average is 5 cents less than a week ago, 19 cents less than this time last month, and 33 cents less than this time last year.
It now costs $37.05 to fill a 15-gallon tank of gasoline. That is $5.55 less than what motorists paid last May when pump prices hit their 2018 peak of $2.84 per gallon.
“Increased stocks of gasoline continue to push pump prices lower, according to new data from the Energy Information Administration (EIA),” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “As the summer driving season gets underway, increased gas stocks will help to supply high demand and keep prices low.”
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) increased by 23 cents to settle at $52.51. Crude prices have increased over the past two days as a result of heightened market fears due to rising tensions in the Middle East. Yesterday, it was reported that two tankers (one carried menthol and the other carried crude oil) in the Gulf of Oman were attacked. Approximately 20% of global crude supplies flow through the waterway. The Trump Administration attributed the attack to Iran, with Iran denying the accusation. If the tension between the U.S. and Iran escalates, the market will likely continue pushing global crude prices higher due to increased fears that more tankers could be targeted.
Local averages on Monday
Floyd County – $2.41
Bartow County – $2.39
Gordon County – $2.43
Chattooga County – $2.34
Polk County – $2.54