Gas prices up seven cents a gallon

Monday, January 29, 2024–9:51 a.m.

-AAA South-

Georgia gas prices are up.

The average is now $3.02 per gallon for regular unleaded gasoline, which is 7 cents more than a week ago, and a penny more than a month ago, but still 37 cents less than this time last year. 

It now costs an average of $45.30 to fill a 15-gallon tank of regular gasoline. Georgians are now paying almost $6.00 less to fill up at the pump compared to a year ago.

“Georgians experienced unwelcomed spikes at the pumps this weekend,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Although gas demand has declined, crude oil prices have increased, pushing gas prices higher. If oil prices drop in the week ahead this recent price bounce may fade.”

According to AAA, local averages on Monday were $2.95 in Floyd County and Polk County, $2.98 in Gordon County, $3.01 in Bartow County, and $2.87 in Polk County.

Gas Prices End Up Close to Where They Started

Since last Monday, the national average for a gallon of regular gasoline has increased by 3 cents to $3.10 (subject to change overnight). The meandering journey is likely caused by low gas demand countered by slightly higher costs for oil.  The result is a pump price stalemate.

According to data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million barrels a day last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million barrels to 253 million barrels. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.

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