24 August 2020

NEWS RELEASE

MEDIA CONTACT:


Montrae Waiters, AAA spokeswoman, The Auto Club Group
Cell (813) 244-0815 
MWaiters@AAASouth.com

GEORGIA
AVERAGE PRICE PER GALLON
$1.99 (+ .01¢)

 

AAA: Slow Movement at the Pump, but All Eyes on Tropical Storms

ATLANTA, GA., (August 24, 2020) — Georgia gas prices  increased slightly at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.99 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent more than a week ago, 1 cent less than last month, and 43 cents less than this time last year.

It now costs motorists $29.85 to fill a 15-gallon tank of gasoline; that is $11.25 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Gasoline stocks hit their lowest level since the pandemic began and demand dipped on the week, down to 8.6 million barrels a day,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “These decreases typically lead to cheaper pump prices, but this summer we’ve seen atypical gas price trends.”

Hurricane Watch

This week the market is watching Tropical Storms Marco and Laura. Marco, whose force is decreasing and is expected to be a tropical depression late on Tuesday, is less of a concern. However, Laura is forecasted to move into the southeastern Gulf of Mexico and become a hurricane by early Tuesday.

According to the U.S. Department of Interior’s Bureau of Safety and Environmental Enforcement, approximately 58 percent, or 1.065 million barrels a day, of crude production in the Gulf of Mexico has been shuttered ahead of the storms and 114 (18%) platforms evacuated.

While gasoline stocks remain at a healthy level, if platforms and rigs are offline for an extended amount of time, supply could tighten and gas prices could be impacted. AAA will continue to monitor activity and provide related gas price updates.

Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 48 cents to settle at $42.34 per barrel. Crude prices were supported by growth in the strength of the U.S. dollar. Additionally, domestic crude prices decreased despite the Energy Information Administration’s (EIA) weekly report revealing that total domestic inventories decreased by 1.6 million barrels last week, lowering total stocks to 512.5 million barrels. For this week, crude prices could increase, depending on the impact of Tropical Storms Laura and Marcos. If crude production continues to decrease and stays offline for an extended period, crude prices could increase as supply tightens. 

Regional Prices

Atlanta ($1.97)

  • Most expensive Georgia metro markets – Savannah ($2.07), Brunswick ($2.05) and Valdosta ($2.02).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($1.90), Rome ($1.92) and Gainesville ($1.93). 

 CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline) 

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2019 Low

2019 High

Record High

National

$2.18 

$2.18 

$2.17 

$2.18 

$2.59 

$2.23 (January)

$2.90 (May)

$4.11   (7/17/2008)

Georgia

$1.99 

$1.99 

$1.98 

$2.00 

$2.42 

$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.

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.