January 21, 2020–6:20 a.m.
Georgia gas prices continue to decline at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.40 per gallon for regular unleaded gasoline.
Monday’s state average is 4 cents less than a week ago, 2 cents more than last month, and 30 cents more than this time last year.
It now costs $36.00 to fill a 15-gallon tank of gasoline; that is $5.10 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“A healthy and growing level of domestic gasoline stocks alongside decreasing demand are two factors helping to minimize gas price fluctuations,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “This is a welcome relief to Georgia motorists.”
Local averages on Tuesday were $2.32 in Floyd County, $2.33 in Gordon and Chattooga Counties, $2.34 in Bartow County and $2.42 in Polk County.
Stock Growth and Low Demand Push National Average Down
The national average price for regular unleaded gasoline is $2.55 per gallon, which is 3 cents less than last week, and 31 cents more than a year ago. Last week, gas demand hit 8.56 million barrels, according to new data from the Energy Information Administration (EIA). The current rate of demand is in line with last year’s rate seen in mid-January, a time that typically brings lower demand due to winter weather. EIA’s data also revealed that total domestic stocks of gasoline grew by 6.7 million barrels last week, bringing the total to 258.3 million barrels. Growing stocks — amid lower demand — have helped ease pump prices, lowering the national average. The trend is likely to continue through the weekend.