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Georgia Gas Prices Flirting With 2017 Lows

Monday, June 19th, 2017

Motorists are finding some of the lowest gas prices of the year. Georgia gas prices should hit their lowest point of 2017 early this week. On Sunday, the state average was $2.16 - just fractions of a penny above this year's lowest price of $2.157, set on March 27. 

The average price declined for the 22nd consecutive day on Sunday, for a total discount of 7 cents. Sunday's average was 3.5 cents less than a week ago and 6 cents less than last year. 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 most expensive gas price averages in Georgia are in Atlanta ($2.19), Savannah ($2.18), Albany ($2.12)
  • The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.04), Macon ($2.09), Valdosta ($2.11)

What's Pushing the Price Plunge

"The plunge at the pump comes as oil prices took a pounding for the third week in a row," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Markets moved lower after another round of supply data showing high U.S. and global refinery production. American motorists are the big winners here, as they fill their tanks for a summer road trip. These low gas prices should stick around for a while until oil prices change course."

Crude oil hit 8-month lows last week. Tuesday's daily settlement of $44.46 on the NYMEX, was the lowest since November 14, 2016 ($43.32). The price for a barrel of crude has lost nearly $7/b in value since May 24. A drop of that magnitude would normally signal a discount of 17.5 cents at the pump. 

Meteorologists are watching two storms in the Atlantic Basin, either of which have the potential to push fuel prices higher this week. Oil and gas prices would rise if either of these develop into a major storm, move into the Gulf of Mexico, and threaten supply coming from refineries along the gulf coast.

National Average Approaches 2017 Lows 

The national average price for a gallon of gasoline averaged $2.296 on Sunday. After falling 4 cents during the past week, the national average sits at 4 cents less than this time last year.

The national average is flirting with 2017 lows. The lowest price so far this year was $2.262 on February 9. The national average is falling at a rate of 1-cent per day, positioning the price to breach this year's lows mid-week. Once that happens, the national average would be the lowest since December 2016. 

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.

Highs and Lows of 2017*

  • The highest national average price for gasoline, so far this year, is $2.42 on April 21; the lowest is $2.26 on February 9.
  • The highest average price in Georgia, so far this year, is $2.29 on April 14; the lowest is $2.16 on March 27.

Summer Gas Prices will Rival Those from 2016

  • The national average for gasoline was $2.23/g from June 1 - August 31, 2016
  • The Georgia average for gasoline was $2.11/g from June 1 - August 31, 2016

CURRENT AND PAST PRICE AVERAGES

                                                    Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.296 $2.301 $2.339 $2.338 $2.341 $4.114 (7/17/2008)
Florida $2.272 $2.280 $2.334 $2.312 $2.305 $4.079 (7/17/2008)
Tampa $2.205 $2.216 $2.295 $2.247 $2.253 $4.009 (7/16/2008)
Georgia $2.160 $2.165 $2.195 $2.190 $2.222 $4.164 (9/15/2008)
Tennessee $2.053 $2.058 $2.085 $2.094 $2.145 $4.118 (9/15/2008)
Click here to view current gasoline price averages

 

Fuel Fundamentals
(Based on weekly data provided by the EIA)
  • Crude oil prices settled as low as $44.46 last week, the lowest in 7 months
  • U.S. crude inventories remain 2.1 percent higher than last year
  • Domestic crude production rose another 1.7% on the week
  • Refineries are still running at high rates
  • The U.S. oil rig count rose for the 22nd consecutive week, adding six last week. 
  • Wholesale gasoline prices declined for the fourth consecutive week
  • Domestic gasoline production drifted slightly lower, but rose 0.37% in the Gulf Coast
  • Gasoline supplies rose more than 2 million bpd → 0.87% more than a week ago, 2.28% more than a year ago
  • Gasoline demand declined by a half percent; remains 1-percent lower than last year.