Gas prices keep going up. Here’s why

 Georgia gas prices  increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.76 per gallon for regular unleaded gasoline. Monday’s state average is 6 cents more than a week ago, 6 cents more than last month, and $1.13 more than this time last year.

It now costs motorists $41.40 to fill a 15-gallon tank of gasoline; that is $4.50 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon. 

“While April saw minimal fluctuation, May is likely to see much larger increases alongside demand spikes, especially closer to Memorial Day weekend,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “AAA continues to monitor the Colonial Pipeline outage and what effect it may have on gas prices. At this time it’s just too early to know if it will cause pump prices to increase.”

NATIONAL AVERAGE JUMPS AS SPRING DRIVING SEASON BLOOMS

Since last Monday, the national average for a gallon of regular gasoline has increased by 6 cents to $2.96. According to data from the Energy Information Administration, total domestic refinery use increased to 86.5 percent last week amid a slight drop in demand from 8.88 million barrels a day to 8.86 million barrels a day. American drivers should expect continued price fluctuations at the pump in the lead up to Memorial Day Weekend.

OIL MARKET DYNAMICS

At the close of last week’s formal trading session, the crude oil price decreased by 92 cents to settle at $64.71. Crude prices have increased this week, but continuing market concern that crude demand will stumble due to surging coronavirus infection rates around the globe have limited price gains. Additionally, prices increased after Energy Information Administration’s weekly report revealed that total domestic crude oil inventory dropped by 8 million barrels to 485.1 million barrels. If total supply decreases again next week, crude prices could climb alongside pump prices.   

REGIONAL PRICES

Atlanta ($2.75)

  • Most expensive Georgia metro markets – Brunswick ($2.83), Hinesville-Fort Stewart ($2.82), and Valdosta ($2.77).
  • Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.67), Rome ($2.70), and Gainesville ($2.71).  

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)  

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0SundaySaturdayWeek AgoMonth AgoOne Year Ago2020 Low2020HighRecord High
National$2.96 $2.96 $2.90$2.86$1.83 $1.76 (April)$2.59 (January)$4.11   (7/17/2008)
Georgia$2.76 $2.75$2.70$2.70$1.63$1.61 (May)$2.46 (January)$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.

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