Here’s why gas prices are going up in Georgia

If you’ve filled up your car’s gas tank lately, you may have felt a slight sting looking at the prices per gallon.

Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.74 per gallon for regular unleaded gasoline. Monday’s state average is 5 cents more than a week ago, 23 cents more than last month, and $1.04 more than this time last year.

It now costs motorists $41.10 to fill a 15-gallon tank of gasoline — that is $4.20 more than what motorists paid in January of 2020 — when pump prices hit their peak of $2.46 per gallon. 

“Georgia motorists saw a slight jump at the pump,” said Montrae Waiters, spokeswoman for AAA “Even though gas prices continue to trend upward the jumps are likely not to be so substantial by April.” 

GOOD NEWS: PUMP PRICE INCREASES ARE SLOWING

Since last Monday, the national average for a gallon of regular gasoline has increased by 3 cents to $2.88. Rising crude prices, tightening gas supplies, and increased gas demand continue to drive pump prices to higher ground.

According to new data from the Energy Information Administration, total domestic gas stocks decreased by 11.9 million barrels to 231.6 million barrels, as demand increased from 8.15 million barrels a day to 8.73 million barrels a day last week.

Last week’s demand measurement is the highest since the end of November 2020. If these trends continue alongside higher crude prices, drivers can expect pump prices to increase through the week.

OIL MARKET DYNAMICS

At the close of last Thursday’s formal trading session, West Texas Intermediate stocks decreased by $4.60 to settle at $60. Crude prices dipped due to market concern that demand may stumble as some countries restart coronavirus restrictions to curb growing infection rates. The decrease in crude prices has also been supported by Energy Information Administration reporting that total crude inventories increased by 2.4 million barrels to 500.8 million barrels. 

A CLOSER LOOK AT GEORGIA PRICES:

Atlanta ($2.74)

  • Most expensive Georgia metro markets – Savannah ($2.80), Brunswick ($2.77), and Valdosta ($2.76).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.68), Rome ($2.70), and Augusta

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