Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.98 per gallon for regular unleaded gasoline. Monday's state average is 2 cents more than a week ago, 1 cent more than last month and 95 cents more than this time last year.

It now costs motorists $44.70 to fill a 15-gallon tank of gasoline; that is $7.80 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.

National Gas Price Average Sees Minimal Impact from Hurricane Ida

Following Labor Day weekend and the remnants of Hurricane Ida, the national gas price average has stabilized at $3.18, which is just 3 cents more expensive on the week. The storm took about 13% of U.S. refinery capacity offline and while there are no firm re-start dates, refineries are expected to be back online this month.

Gasoline stock levels are currently at 227.2 million barrels, which is a healthy level. However, stock levels could tighten until refineries resume normal operations. Typically, a constraint on stocks would mean higher gas prices, but with demand expected to decrease going into the fall, price fluctuation should be minimal. Today’s national average is the same as last month, but 96 cents more than a year ago.

“Historically, gas demand starts to decline in the fall, which leads to less expensive gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Despite the dip in demand, the national average is expected to remain above $3/gallon especially as crude oil continues to price on the higher end.”

Motorists will welcome the cheaper gas prices following the most expensive summer at the pump in seven years.

OIL MARKET DYNAMICS

At the close of Friday’s formal trading session, WTI decreased by 70 cents to settle at $69.29. Although crude prices ended the day lower, on the week crude prices were boosted by a weak dollar and the release of government data that showed weekly unemployment claims had fallen to the lowest level since the start of the COVID-19 pandemic. For this week, crude prices could continue to climb. Eighty-four percent of Gulf of Mexico oil production (1.526 million b/d) remains shuttered in the wake of Hurricane Ida, according to the Bureau of Safety and Environmental Enforcement. The downed production could put pressure on crude supplies and prices as the recovery and restoration process unfolds in the region.

REGIONAL PRICES

Atlanta- $2.99

Most expensive Georgia metro markets – Savannah ($3.06), Hinesville-Fort Stewart ($3.04), and Brunswick ($3.01).

Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.81), Warner Robins ($2.84), and Columbus ($2.85). 

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)