The Gist: Georgians are digging deeper into their pockets at the pump this week. The average price for a gallon of regular unleaded gasoline in Georgia now stands at $3.36, an increase from last week, driven mainly by the rising cost of crude oil.
What Happened? Despite a slump in gasoline demand, Georgia’s gas prices are on the rise, according to Montrae Waiters, spokesperson for AAA. Waiters points to the surging crude oil prices, which have recently hit mid-$70s per barrel, as the chief culprit.
By The Numbers:
- Georgia’s gas price today is 9 cents higher than last week.
- It’s 7 cents more compared to the last month.
- However, it’s 55 cents cheaper than the same time last year.
- Filling up a 15-gallon tank of regular gasoline costs an average of $50.40 today.
- That’s almost $8.50 less than a year ago.
Regional Differences: Within Georgia, gas prices vary. Savannah, Augusta-Aiken, and Atlanta have the highest metro area prices, averaging $3.41, $3.40, and $3.38 per gallon respectively. The lowest averages can be found in Valdosta ($3.29), Warner Robins ($3.28), and Catoosa-Dade-Walker ($3.23).
National Overview: The national average for regular gasoline has also increased by 3 cents to $3.59 since last Monday. The Energy Information Administration reports a slight uptick in gas demand, from 8.76 to 8.86 million barrels a day last week. Concurrently, total domestic gasoline stocks dropped, making any further demand hikes likely to push pump prices even higher.
Why It Matters: As Georgians face higher gas prices, they might need to consider measures to cut down on their fuel costs. These could range from shopping around for the best gas prices, paying in cash rather than credit cards to avoid potential per-gallon surcharges, and enrolling in fuel savings programs. Drivers could also adopt fuel-saving behaviors such as maintaining their vehicles, combining errands to reduce driving time, and avoiding aggressive driving that diminishes fuel economy.
What’s Next? The rising cost of crude oil continues to drive pump prices. Georgians, and indeed Americans at large, will be keeping a close watch on both global oil prices and local pump prices in the days to come.
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