The Gist: Gas prices in Georgia are on a steady decline, offering some financial relief to drivers as they gear up for the autumn season.
The Details: Georgia’s current average price for regular unleaded gasoline sits at $3.24 per gallon, a decrease from last week and significantly lower than last month. This drop in prices means Georgians are paying nearly $6.00 less when they fill up their tanks compared to the previous month. Despite the decrease, the price is still slightly higher than the same period last year by 7 cents.
The reduction in the state’s gas prices is primarily attributed to Governor Kemp’s decision to suspend the state gas tax.
On a national scale, the price for regular gasoline has dropped by 3 cents, making the average price $3.81 per gallon. Although the cost of oil remains high, restricting a more dramatic decrease in gas prices, there’s been a slight increase in gas demand from 8.41 to 8.62 million barrels a day in the past week. Simultaneously, total gasoline stocks have grown by 1 million barrels, amounting to a total of 220.5 million barrels.
By The Numbers:
- Georgia’s average gas price: $3.24/gallon
- Decrease from last week: 6 cents
- Decrease from last month: 36 cents
- Increase from last year: 7 cents
- Cost to fill a 15-gallon tank: $48.60
- National average: $3.81/gallon
- Gas demand last week: 8.62 million barrels/day
- Gasoline stocks: 220.5 million barrels
Regional Prices: Drivers in Savannah are feeling the pinch the most with gas prices at $3.33, followed by Atlanta at $3.28, and Macon at $3.24. On the flip side, Warner Robins offers the most pocket-friendly rates at $3.11, with Catoosa-Dade-Walker at $3.10 and Albany at $3.08.
In Context: The national average is seeing a modest drop due to the high oil costs. Growing supplies combined with lukewarm demand have led to decreased prices. However, fluctuating oil prices are preventing the typical seasonal price reductions seen during fall.
Why It Matters: While the downward trend offers some relief to drivers, the cost of oil remains a significant factor in determining gas prices. Georgians stand to benefit from the current trend, but future prices will be influenced by oil market fluctuations and global economic factors.
What’s Next?: As we venture deeper into the fall season, characterized by lower driving demand, it remains to be seen how gas prices will further adjust in response to the oil market and consumer behavior.
