July 18th, 2022 -1:20 PM

Staff Reports –

(AAA Press Release -) Georgia gas prices decreased at the pump compared to a week ago. Georgia drivers are now paying an average price of $4.04 per gallon for regular unleaded gasoline (subject to change overnight). Monday’s state average is 15 cents less than a week ago, 45 cents less than last month, and $1.07 more than this time last year. 

It now costs $60.60 to fill a 15-gallon tank of regular gasoline. Drivers are paying an average of $16.05 more at the pump than last year.

“The decrease in demand, alongside declining oil prices, has helped to lower gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “As these supply/demand dynamics hold, drivers will likely continue to see relief at the pump.”

Decline in Gas Demand Drives Pump Prices Lower

Since last Monday, the national average for a gallon of regular gasoline has decreased by 15 cents to $4.53 (subject to change overnight). According to the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels a day to 8.06 million barrels a day last week, while total domestic gas stocks increased by 5.8 million barrels.

At the close of last Wednesday’s formal trading session, WTI increased by 46 cents to settle at $96.30 Although crude prices increased slightly due to the market expecting demand to remain robust throughout summer, longer-term market concerns about the potential for a recession due to rising interest rates and inflation created headwinds for oil prices last week. Declining crude demand, due to reduced economic activity or continuing COVID-19-related lockdowns in China, could continue the downward trend of gas prices. 

Regional Prices

Most expensive Georgia metro markets – Atlanta ($4.13), Hinesville-Fort Stewart ($4.12) and Athens ($4.11).

Least expensive Georgia metro markets – Warner Robins ($3.72), Albany ($3.74) and Valdosta ($3.79).