Georgia Gas Prices Continue Slight Downward Trend Heading into Labor Day Weekend
Tuesday, August 31st, 2021
It now costs motorists $44.25 to fill a 15-gallon tank of gasoline; that is $7.35 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“While AAA is not making any travel predictions for the upcoming Labor Day weekend,” said Montrae Waiters, spokeswoman AAA-The Auto Club Group. “This year pump prices could possibly push even lower with rising concerns of the Covid-19 Delta variant, which may cause Georgians to rethink road trips. For those who still plan to travel, AAA recommends following the guidelines outlined by the CDC and to also monitor the case counts where they plan to visit.”
NATIONAL GAS PRICE AVERAGE CONTINUES TO DROP
Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $3.16. Pump prices have declined despite the Energy Information Administration (EIA) reporting last week that gas demand increased slightly from 9.33 million barrels a day to 9.57 million barrels a day and total domestic stocks decreased by 2.3 million barrels to 225.9 million barrels. Typically, lower stock levels alongside higher demand would push pump prices higher; however, crude prices have been trending below $70/barrels, helping to push prices lower instead.
OIL MARKET DYNAMICS
Crude oil prices fluctuated last week – from a low of $65/barrels to a high of $68/barrels – due to market optimism in response to the U.S. Food and Drug Administration’s full approval of the Pfizer-BioNTech COVID-19 vaccine and EIA’s Wednesday report showing that total domestic crude stocks decreased by 2.9 million barrels to 432.6 million barrels last week. However, crude prices took a step back today with optimism being replaced with concerns of what fall driving season could look like amid growing COVID case numbers. At the close of last Thursday’s formal trading session, WTI decreased by 94 cents to settle at $67.42.
Most expensive Georgia metro markets – Savannah ($3.04), Hinesville-Fort Stewart ($3.02), and Atlanta ($2.98).
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)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2020 Low||2020 High||Record High|
|National||$3.15||$3.15||$3.16||$3.16||$2.23||$1.76 (April)||$2.59 (January)||$4.11 (7/17/2008)|
|Georgia||$2.95||$2.95||$2.96||$2.96||$2.04||$1.61 (May)||$2.46 (January)||$4.16 (9/15/2008)|
|Click here to view current gasoline price averages|