31 August 2020

NEWS RELEASE

MEDIA CONTACT:

Montrae Waiters, AAA spokeswoman, The Auto Club Group
Cell (813) 244-0815 
mwaiters@acg.aaa.com

GEORGIA
AVERAGE PRICE PER GALLON
$2.04 (+ .05¢)

 

AAA: Georgia Pump Prices Increase 5 Cents

ATLANTA, GA., (August 31, 2020) — Georgia gas prices  increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.04 per gallon for regular unleaded gasoline. Monday’s state average is 5 cents more than a week ago, 5 cents more than last month, and 36 cents less than this time last year.

It now costs motorists $30.60 to fill a 15-gallon tank of gasoline; that is $10.50 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Pump prices increased due to anticipation of the disruption to operations at refineries and gasoline distribution along Hurricane Laura’s path,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “However, lower than usual demand and ample stock levels will contain any significant gas price increases to impacted areas. As damage is assessed, we will have a better idea of how long motorists in impacted areas will see more expensive prices.”

The national gas price average spiked by a nickel on the week to $2.23, but is expected to push cheaper in the week ahead. The second factor pushing prices more expensive in the last week was the Energy Information Administration (EIA) report that gas demand increased from 8.63 million barrels a day to 9.16 million barrels a day. While higher than we’ve seen throughout the summer, this estimated rate is 739,000 barrels a day lower than the rate last year at this time. Moreover, total domestic gasoline supplies decreased by 4.6 million barrels last week to 239.2 million barrels, but the current level is 7.2 million barrels higher than the level at this time last year.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by seven cents to settle at $42.97 per barrel. Although crude prices ended the day lower, crude prices increased on the week as Tropical Depression Laura reduced crude production in the Gulf of Mexico. For this week, crude prices may rise again due to a weak U.S. dollar and if prolonged closure of rigs and production platforms tighten domestic crude inventories amid rising demand. However, EIAs latest weekly report revealed that total domestic crude inventories, currently sitting at 507.8 million barrels, are 80 million barrels higher than where they were during this time in August 2019. The higher level could play a role in stabilizing crude prices.

Regional Prices

Atlanta ($2.03)

  • Most expensive Georgia metro markets – Augusta-Aiken ($2.13), Hinesville-Fort Stewart ($2.12) and Savannah ($2.11).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.97), Rome ($1.99) and Dalton ($2.01).

 

 CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline) 

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2019 Low

2019 High

Record High

National

$2.23

$2.23 

$2.18 

$2.19 

$2.58 

$2.23 (January)

$2.90 (May)

$4.11   (7/17/2008)

Georgia

$2.04

$2.04

$1.99 

$1.99 

$2.40 

$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 to130,000 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.

Visit the AAA Georgia Newsroom

Twitter @AAAGeorgia 

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.