Monday, January 20, 2025–7:00 p.m.
-AAA South-
Georgia’s gas price average increased at the pumps compared to a week ago.
Georgians pay an average price of $2.96 per gallon for regular unleaded gasoline.
Monday’s state average is 3 cents more than a week ago, 4 cents more than a month ago, and precisely the same as last year. It costs drivers an average price of $44.40 to fill a 15-gallon tank of regular gasoline. Georgians now pay approximately 6 cents more to fill up at the pump than a month ago.
“Wondering why your fill-up costs are increasing when everyone uses less gas? Because crude oil prices have shot up, intense demand for heating this chilly season and fresh sanctions against Russia,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Drivers should always remember that oil prices shape 56% of your gas station tab. So, pricier oil means your wallet also feels it at the gas pump.”
Local averages on Monday were $2.94 in Floyd County, $2.97 in both Gordon and Bartow Counties, $2.91 in Polk County, and $2.77 in Chattooga County.
Nationally
U.S. Keeps Global Oil Production Crown
Since last Monday, the national average for a gallon of regular gasoline increased by 6 cents to $3.12. Oil costs hovering around $80 a barrel have helped push the national average upward.
According to data from the Energy Information Administration (EIA), gasoline demand fell from 8.48 million barrels a day last week to 8.32. Meanwhile, total domestic gasoline stocks rose from 237.7 million barrels to 243.6, while gasoline production popped the previous week, averaging 9.3 million barrels daily.
Oil Market Dynamics
At the close of last Wednesday’s formal trading session, WTI rose $2.54 to settle at $80.04 a barrel. The EIA reports that crude oil inventories decreased by 2.0 million barrels from the previous week. At 412.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.