Gas prices descend ahead of Memorial Day

Tuesday, May 28, 2024–11:28 a.m.

-AAA South-

The Georgia gas price average decreased at the pump compared to a week ago.

Georgians are paying an average price of $3.36 per gallon for regular unleaded gasoline. 

Monday’s state average was 2 cents less than a week ago, 4 cents less than a month ago, and 11 cents more than this time last year. 

It costs drivers an average price of $50.40 to fill a 15-gallon tank of regular gasoline. Georgians are now paying 4 cents less to fill up at the pump compared to a month ago.

Local averages Tuesday morning were $3.20 in Floyd County, $3.23 in Chattooga County, $3.24 in Bartow County, $3.25 in Gordon County, and $3.29 in Polk County.

“Georgians were pleasantly surprised gas prices remained grounded as Memorial Day approached, defying expectations of a sudden hike,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The primary rescuer has been the reduction in Crude oil prices; nevertheless, increased demand has been a vigilant guard, preventing prices from falling drastically.”

Pump Prices Are at a Standstill Ahead of Memorial Day

Since last Monday, the national average for a gallon of regular gasoline still stands at $3.59 (subject to change overnight). The lack of pump price movement is typical in the days leading up to Memorial Day. However, with AAA forecasting a record 38.4 million drivers hitting the road for the long weekend, the price needle could point a bit higher, at least temporarily.

According to data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.87 million barrels a day to 9.31 last week. Meanwhile, total domestic gasoline stocks decreased slightly from 227.8 to 226.8 million barrels, while gasoline production increased last week, averaging 10.0 million daily barrels. An increase in gasoline demand paired with falling oil prices could cause pump prices to remain relatively flat for now.  

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