June 16th, 2020 – 11:30 AM
AAA – The Auto Club Group
Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.90 per gallon for regular unleaded gasoline. Monday’s state average is 11 cents more than a week ago, 24 cents more than last month, and 58 cents less than this time last year.
It now costs motorists $28.50 to fill a 15-gallon tank of gasoline; that is $12.60 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Georgians continue to see increases at the pump, however, prices are still significantly cheaper than last year,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “As crude oil prices trend higher and gasoline demand continues to grow, Americans will see pump prices push more expensive, but this summer will likely remain cheaper than last.”
Demand Growth Lifts National Average
Since last Monday, the national average for a gallon of regular gasoline is $2.10, which is 8 cents higher than a week ago. According to new data from the Energy Information Administration (EIA), gas demand has continued to increase, moving from 7.5 million barrels a day to 7.9 million barrels a day last week. If demand continues to trend higher, motorists will likely see pump prices continue to increase through the end of the month.
At the close of last Thursday’s formal trading session, WTI decreased by $3.26 to settle at $36.34. Domestic crude prices have decreased amid increased market concern that a second wave of the COVID-19 pandemic may emerge and could lead to another reduction in crude demand. Additionally, EIA’s weekly report showed that total domestic crude inventories grew by 5.7 million barrels last week, bringing the total to 538.1 million barrels. The increase in crude supplies also helped to push prices lower, since it signals that domestic crude production may need to reduce further in order to meet demand.
- Most expensive Georgia metro markets – Brunswick ($2.01), Savannah ($1.95) and Hinesville-Ft Stewart ($1.93).
- Least expensive Georgia metro markets – Athens ($1.85), Catoosa-Dade-Walker ($1.86) and Dalton ($1.87).
- Area average gas prices – Chattooga ($1.90), Walker ($1.86), Floyd ($1.86), Gordon ($1.90), DeKalb, AL ($1.80), Cherokee, AL ($1.73)