Georgia Gas Prices Hold Steady at the Pump
Tuesday, October 20th, 2020
Georgia gas prices continue to hold steady at the pump compared to a week ago. The state average price for gasoline is $2.00 per gallon, yet drivers in some Georgia cities are finding prices below $1.90 a gallon.
It now costs motorists $30.00 to fill a 15-gallon tank of gasoline; that is $11.10 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Pump prices continue to trend lower than what Georgians paid this time last year,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “As demand declines gas prices will likely continue to drop due to fewer road trips taken in the fall.”
GAS DEMAND DROPS AS NATIONAL AVERAGE DECLINES
Since last Monday, the national average for a gallon of regular gasoline has decreased by 2 cents to $2.17. In the new weekly report from the Energy Information Administration (EIA), gas demand decreased from 8.90 million barrels a day to 8.58 million barrels a day. Low demand, even as total domestic stocks decreased by 1.6 million barrels to 225.1 million barrels last week, has helped pump prices decrease.
OIL MARKETS DYNAMICS
At the close of last Thursday’s formal trading session, WTI decreased by 8 cents to settle at $40.96. Domestic crude prices fell as market concern increased regarding an increase in coronavirus infections worldwide, which could lower crude demand as nations impose new restrictions to limit the spread of the virus. The drop in prices occurred despite EIA’s new weekly report showing that total domestic crude inventories dropped by 3.8 million barrels to 489.1 million barrels last week. If demand concerns persist, crude prices could continue to decline — alongside pump prices.
REGIONAL PRICES
Atlanta ($2.00)
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Most expensive Georgia metro markets – Brunswick ($2.09), Savannah ($2.08) and Hinesville-Fort Stewart ($2.02).
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Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.90), Albany ($1.94) and Rome ($1.95).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
| Sunday | Saturday | Week Ago | Month Ago | One Year Ago | 2019 Low | 2019 High | Record High | |
| National | $2.17 | $2.17 | $2.19 | $2.18 | $2.66 | $2.23 (January) | $2.90 (May) | $4.11 (7/17/2008) |
| Georgia | $2.00 | $2.00 | $2.00 | $2.00 | $2.44 | $2.04 (January) | $2.74 (April) | $4.16 (9/15/2008) |
| Click here to view current gasoline price averages | ||||||||
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
