Monday, December 4, 2023–8:55 a.m.
-AAA South-
Georgia’s gas price average is trending upward at the pump. Georgia drivers are now paying an average price of $3.06 per gallon for regular unleaded gasoline (subject to change overnight). Monday’s state average is 27 cents more than a week ago, 14 cents more than a month ago, and 9 cents more than this time last year. It now costs an average of $45.90 to fill a 15-gallon tank of regular gasoline. Georgians are now paying $1.35 more to fill up at the pump compared to a year ago.
“Now that Georgia’s gas tax suspension has ended, Georgians are feeling the pressure at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Nationally, gas prices are holding steady. However, if the cost of crude oil continues to rise, pump prices will likely follow suit impacting gas stations across the U.S. What direction gas prices will take in the coming weeks is yet to be seen.”
Local averages on Monday were $3.03 in Floyd County, $3.04 in Gordon County, $3.01 in Polk County, and $2.93 in Chattooga County. The highest average in our area was Bartow County at $3.13.
Is it the End of the Road for Falling Gas Prices?
Since last Monday, the national average for a gallon of regular gasoline has held steady at around $3.24 (subject to change overnight). Despite less than stellar domestic demand, gas fell only 1 cent. The primary culprit is the cost of oil, which is creeping closer to $80 a barrel. Since oil is the main ingredient in gasoline, higher oil costs tend to put upward pressure on pump prices.
According to data from the Energy Information Administration (EIA), gas demand decreased from 8.48 to 8.21 million barrels a day last week. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 218.2 million barrels. Lower gas demand has contributed to limiting pump price increases amid rising oil prices for now.
