Gas prices continue to decline

Monday, Feb. 27, 2023–12:07 p.m.

-David Crowder, WRGA News-

Georgia’s gas price average continues to decline at the pump compared to a week ago.

Georgia drivers are now paying an average price of $3.15 per gallon for regular unleaded gasoline, which is 7 cents less than a week ago, 23 cents less than a month ago, and 34 cents less than this time last year. 

It now costs $47.25 to fill a 15-gallon tank of regular gasoline. Drivers are now paying at least $3.00 less to fill up at the pump compared to last month.

Local averages on Monday morning were $3.10 in Floyd County, $2.99 in Bartow County, $3.04 in Gordon County, $3.02 in Chattooga County, and $3.15 in Polk County.

“The decline in gas prices is primarily being driven by a decrease in crude oil cost and slow demand,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The cost for oil accounts for 55% of what we pay at the pump, therefore, higher or lower oil costs will dictate the price we pay for gas going forward.”

National Pump Price Average Drops

Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $3.36 (subject to change overnight). The main reason is the crude oil price, which fell into the mid $70s per barrel, nearly $5 cheaper than a week ago. According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million barrels a day to 8.91 million barrels a day. Meanwhile, total domestic gasoline stocks decreased by 1.8 million barrels to 240.1 million barrels last week. However, if gas demand keeps rising amid tightening domestic stocks, drivers may see an end to future pump price drops.

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