Georgia Gas Prices Rise 7 Cents

Staff Report From Georgia CEO

Tuesday, March 20th, 2018

Gas prices are on the rise once again, after declining for nearly two weeks. Georgia gas prices declined early last week, then rose a total of 7 cents Thursday-Sunday. Sunday's state average of $2.44 is 3 cents more than a month ago, and 27 cents more than this time last year.

The most expensive gas price averages in Georgia are in Atlanta ($2.49), Savannah ($2.46), and Hinesville-Fort Stewart ($2.45)

The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.34), Warner Robins ($2.34), and Catoosa-Dade-Walker ($2.35)

"There are a few of factors that gave gas prices a boost, but this time it wasn't crude oil," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gasoline supplies took a sharp dip last week, as exports rose and refineries began to switch from summer to winter blend gasoline. In addition, demand in the southeast - especially in Florida - is strong, as Americans hit the road for spring break.

"We also noticed strong gains in wholesale gasoline prices last week, which should signal additional increases at the pump this week," Jenkins continued.

Wholesale Gasoline Rises; Oil Holds Steady

Wholesale gasoline prices climbed 10-15 cents Wednesday-Friday. Based on current wholesale levels, prices at the pump could climb another nickel.

Meanwhile, crude oil prices hovered around the $60-$62 per barrel range, where they have remained for the past two weeks. Gasoline futures rose 5 cents last week.

Average Gas Prices in March

                  2014    2015    2016    2017    2018

National    $3.51    $2.43    $1.93    $2.30    $2.53

Florida    $3.53    $2.46    $1.96    $2.29    $2.52

Georgia    $3.35    $2.26    $1.87    $2.18    $2.41

Tennessee    $3.26    $2.18    $1.75    $2.05    $2.32

Crude oil inventories strengthened by 1.2 percent, yet remains 18 percent below year-ago levels

Oil production held relatively steady at nearly 10.4 million barrels per day, yet remains 12.4 percent above year-ago levels

Gasoline demand, as measured by the EIA, climbed by 4 percent week-over-week, and is 4 percent higher than this time last year.

Gasoline production rose by nearly 4 percent week-over-week, and is 8 percent higher than this time last year.

Gasoline inventories (supplies) dipped by nearly 3 percent compared to the week before, and about even with this time last year.

Highs and Lows of 2018

National: the highest average price for gasoline was $2.67 on February 6; the lowest was $2.49 on January 3.

Florida: the highest average price in was $2.68 on February 8; the lowest was $2.44 on January 2.

Georgia: the highest average price was $2.49 on January 31; the lowest was $2.35 on January 2.

Tennessee: the highest average price was $2.41 on February 7; the lowest was $2.26 on January 1.