Georgia gas prices drop below $3 a gallon

Monday, October 30, 2023–9:05 a.m.

-AAA South-

Georgia gas prices continue to fall.

The state average is now $2.96 per gallon for regular unleaded gasoline which is 5 cents less than a week ago, 30 cents less than a month ago, and 20 cents less than this time last year. 

 It now costs an average of $44.40 to fill a 15-gallon tank of regular gasoline. Georgians are paying $13.00 less to fill up at the pump compared to a month ago.

“Currently, Georgia, Mississippi, and Texas have the lowest gas price averages in the U.S.,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Georgian’s reprieve at the pump persists due to Governor Kemp’s gas tax suspension and low demand. However, fears that the volatility in the Middle East could spread in the region, may cause gas prices to rise in the global oil markets.”

Global Tensions Keep Falling Gas Prices From Gaining Momentum

Since last Monday, the national average for a gallon of regular gasoline decreased by 6 cents to $3.49. Despite slackening demand, the pace of falling gas prices is being held up by the cost of oil, which is hovering in the mid-$80s per barrel.  According to data from the Energy Information Administration (EIA), gas demand decreased from 8.94 to 8.86 million barrels a day last week. On the other hand, total domestic gasoline stocks increased slightly to 223.5 million barrels. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If oil prices continue to descend, drivers can expect further price drops at the pump in the weeks ahead.   

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