Georgia gas prices  have held steady for the past month. The state average is $2.70 per gallon. 

It now costs motorists $40.50 to fill a 15-gallon tank of gasoline; that is $3.60 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.

“Nationally, both demand and supply have steadily increased in the past five weeks, but weekly gasoline supply in Georgia are trending less substantial.,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “It's possible the state average could increase in the coming weeks as summer approaches and more drivers take to the roads."

NATIONAL AVERAGE FLAT AS GAS DEMAND DROPS

Since last Monday, the national average for a gallon of regular gasoline has increased by 2 cents to $2.90. According to data from the Energy Information Administration, total domestic gasoline stocks increased by 100,000 barrels to 235.1 million barrels last week. The increase helped to limit pump price increases as demand dropped from 9.1 million barrels a day to 8.88 million barrels a day. Continued growth in total domestic supply, amid a reduction in demand, will likely help to keep pump prices in check through the weekend.

OIL MARKET DYNAMICS

At the close of last week’s formal trading session, WTI increased by $1.15 to settle at $65.01. Crude prices have increased this week due to a weak dollar and growing market optimism that crude demand will recover despite surging coronavirus infection rates in Asia that could derail expectations. Additionally, prices increased earlier this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies recommended to leave in place a recent agreement to gradually increase crude production by at least 2.1 million b/d starting in May. At the next OPEC+ ministerial meeting on June 1, the cartel will meet via videoconference to review output levels for July and August. 

REGIONAL PRICES

Atlanta ($2.70)

• Most expensive Georgia metro markets – Savannah ($2.77), Hinesville-Fort Stewart ($2.75), and Macon ($2.71).

• Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.61), Dalton ($2.62), and Gainesville ($2.63).  

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)