Gasoline Demand Reach Record High Over Memorial Day Weekend

Monday, June 5th, 2017

Georgia gas prices declined by almost a full cent during the past week. Sunday's state average was $2.22, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. The state average is 5 cents less than this time last year. 

Georgia's state average is 2 cents less than a month ago, and 5 cents less than this time last year. Summer gas prices averaged $2.11 last year, and $2.57 the year before.

  • The most expensive gas price averages in Georgia are in Atlanta ($2.25), Savannah ($2.23), and Columbus ($2.20)
  • The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.10), $2.15 (Macon), and Albany ($2.16)

The national average price for gasoline drifted slightly higher during the past week. Sunday's average price of $2.38 is 1-cent more than a week ago.

Gas Price Tools for Reporters/Consumers

  • GasPrices.AAA.com - Daily national, state, and metro gas price averages.
  • AAA Mobile app - Free app that shows current prices at a gas station near you.

Gasoline demand reached record highs during Memorial Day weekend, according to data provided by the EIA. That combined with another week of declining crude inventories was still not enough to boost oil prices. The price of WTI settled at $47.66/b on Friday - the lowest daily settlement in three weeks. The market will likely stay at current levels until there are more significant draws in supplies. Reuters reports that the market moved lower in response to President Trump's decision to withdraw from an international climate accord, which speculators believe would spur further domestic production and contribute to a persistent global oversupply. U.S. oil production climbed again last week, hitting 9.34 million barrels per day - the highest level since August 2015. U.S. drillers added 11 rigs last week, setting a new record of 20 consecutive weeks of growth.

"This bearish sentiment sets the stage for lower prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "How the market responds this week will be a strong indicator for where gas prices will go this summer. As it stands right now, summer gas prices should remain at or below last year's levels."

                               CURRENT AND PAST PRICE AVERAGES

                                                    Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.376 $2.378 $2.371 $2.367 $2.354 $4.114 (7/17/2008)
Georgia $2.220 $2.221 $2.228 $2.240 $2.274 $4.164 (9/15/2008)
Click here to view current gasoline price averages

 

Fuel Fundamentals
(Based on weekly data provided by the EIA)

  • Crude oil prices dropped $2 on the week, settling at $47.66 - the lowest daily settlement since May 10
  • U.S. crude inventories decreased by 6.4 million barrels from the week before
  • Domestic crude production climbed, reaching the highest level since August 2015, growing another 22,000 bpd
  • Refineries are running strong, at a rate of 1-percentage point higher than the week before