Monday, May 1, 2023–9:37 a.m.
Georgia’s gas price average decreased at the pump compared to a week ago. Georgia drivers are now paying an average price of $3.31 per gallon for regular unleaded gasoline.
Monday’s state average is 6 cents less than a week ago, 9 cents more than a month ago, and 40 cents less than this time last year.
It now costs $49.65 to fill a 15-gallon tank of regular gasoline. Drivers are now paying $6.00 less to fill up at the pump compared to a year ago.
“The decline in crude oil prices continues to be the main reason for lower gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “As long as the oil cost keeps wobbling around the low to mid $70s per barrel, Georgians will benefit when they fuel up at the pump.”
Local averages on Monday were $3.22 in Floyd County, $3.23 in Polk County, $3.25 in Gordon County, $3.20 in Chattooga County, and $3.19 in Bartow County.
I’ll Tumble for You
Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $3.61.
According to data from the Energy Information Administration (EIA), gas demand increased significantly from 8.52 to 9.51 million barrels a day last week.
The spike in demand surprised market observers, but the estimate could be revised when EIA releases final demand measurements for April.
Meanwhile, total domestic gasoline stocks decreased by 2.4 million barrels to 221.1 million barrels.
Higher demand, alongside a decline in stocks, would typically push pump prices up; however, fluctuating oil prices have pushed them lower.
If oil prices continue to decline, pump prices will likely follow suit.