Georgia drivers are starting to see lower gas prices at the pump, as the state’s average gas price for regular unleaded gasoline continues to decline compared to a week ago.
According to AAA-The Auto Club Group, the state average for regular unleaded gasoline currently stands at $3.15 per gallon, a 7 cents decrease from last week’s average.
The price is also 23 cents less than a month ago and 34 cents less than this time last year.
The drop in gas prices is primarily due to a decrease in crude oil costs and slow demand, said Montrae Waiters, AAA-The Auto Club Group spokeswoman. She also pointed out that the cost of oil accounts for 55% of what drivers pay at the pump, so fluctuations in oil prices will have a direct impact on gas prices in the future.
Georgia drivers can fill up a 15-gallon tank of regular gasoline for $47.25, which is at least $3 less than last month.
Meanwhile, the national average for a gallon of regular gasoline has also dropped by 5 cents since last Monday to $3.36, largely due to the decrease in crude oil prices. The Energy Information Administration’s data shows a slight increase in gas demand from 8.27 million barrels a day to 8.91 million barrels a day, while total domestic gasoline stocks decreased by 1.8 million barrels to 240.1 million barrels last week.
However, drivers in some Georgia metro markets are paying more for gas than others. The most expensive markets are Hinesville-Fort Stewart ($3.31), Savannah ($3.28), and Macon ($3.20), while the least expensive markets are Albany ($3.08), Catoosa-Dade-Walker ($3.05), and Gainesville ($3.04).
As gas demand rises amid tightening domestic stocks, it remains to be seen whether drivers will continue to enjoy lower gas prices at the pump.