The Gist: Georgia drivers are currently paying an average of $3.22 per gallon for regular unleaded gasoline, a decrease of 4 cents compared to a week ago.
The state’s gas prices have remained consistent over the past month and are significantly lower than they were a year ago.
What Happened?: Decreased demand and plunging crude oil prices have contributed to the decline in gas prices across Georgia. The price of crude oil has dipped to lows not seen since August 2021, reaching between $60 and $65 per barrel.
Why It Matters: The drop in gas prices provides financial relief for Georgia drivers. Filling a 15-gallon tank of regular gasoline now costs $48.30, which is almost $15.00 less than it cost a year ago.
Regional Prices: The most expensive metro markets in Georgia are Savannah ($3.29), Hinesville-Fort Stewart ($3.27), and Brunswick ($3.26). The least expensive metro markets are Warner Robins ($3.16), Catoosa-Dade-Walker ($3.15), and Albany ($3.08).
Oil Market Dynamics: Concerns about the global banking sector’s health have led to a decrease in crude oil prices, with the West Texas Intermediate dropping by $3.72 to settle at $67.61 last Wednesday. Market fears of a potential recession could further reduce crude demand and prices.
What’s Next?: The national average for a gallon of regular gasoline has also decreased by 3 cents to $3.44. As crude oil prices continue to fall, drivers across the country could see pump prices decline further. However, if demand increases and supply tightens, gas prices could rise again.