The Gist: Georgia drivers are feeling the pinch at the pump as gas prices continue to rise, with the average price for regular unleaded gasoline now at $3.66 per gallon. However, relief may be on the horizon as oil prices soften and refinery operations normalize.
What Happened?: The average price of gas in Georgia has risen 11 cents in the past week, 44 cents in the past month, and is 2 cents higher than this time last year. The cost to fill a 15-gallon tank of regular gasoline is nearly $55.00, a 30-cent increase from a year ago. According to AAA, the primary driver of these price hikes has been the cost of oil, which was near $80 per barrel last week. However, oil prices have since softened, which could lead to a decrease in gas prices in the coming weeks.
By The Numbers:
- The most expensive gas prices in Georgia are in Savannah ($3.68), Atlanta ($3.67), and Albany ($3.66).
- The least expensive gas prices in Georgia are in Dalton ($3.60), Rome ($3.59), and Catoosa-Dade-Walker ($3.56).
- The national average for a gallon of regular gasoline has increased by 7 cents to $3.82 since last Monday.
- Gas demand decreased slightly from 8.94 to 8.84 million barrels a day last week, according to the Energy Information Administration.
- Total domestic gasoline stocks increased by 1.5 million barrels to 219.1 million barrels.
Why It Matters: The rising cost of gas impacts the wallets of Georgia drivers and can have a ripple effect on the economy. However, the recent softening of oil prices and the normalization of refinery operations could lead to a decrease in gas prices, providing some relief for drivers.
What’s Next?: “Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations appear to be getting back to normal,” said Montrae Waiters, AAA spokesperson. “Coupled with moderate demand and declining oil prices, this may take the steam out of the tight supply price jolts we’ve seen lately.” As such, Georgians may see gas prices decrease in the coming weeks.
Money-Saving Tips for Drivers: Drivers can save money by shopping around for gas prices, considering paying in cash versus a credit card, and enrolling in fuel savings programs.
Fuel-Saving Tips for Drivers: Drivers can also save fuel by maintaining their vehicles, combining errands to limit driving time, and driving conservatively, especially at highway speeds above 50 mph.