If you noticed a little pain at the pump this week, it isn’t in your head. Gas prices in Georgia are up about 10 cents per gallon over last week due to expected high-demand for Fourth of July travel and rising tensions in the Middle East. But, motorists are still paying less for gas than they were a year ago.
According to AAA, Georgia gas prices are up this week compared to a week ago. Georgia motorists are now paying an average price of $2.54 per gallon for regular unleaded gasoline.
Monday’s state average is 10 cents more than a week ago, 6 cents less than this time last month, and 16 cents less than this time last year.
It now costs $38.10 to fill a 15-gallon tank of gasoline. That is $4.50 less than what motorists paid last May, when pump prices hit their 2018 peak of $2.84 per gallon.
“Georgia gas prices may seem high now, but the state average is still less than last year’s high,” said Montrae Waiters, spokeswoman, AAA. “A major factor driving the increase includes the upcoming Independence Day holiday, which is expected to be a high-demand travel period (41.1 million Americans to travel by automobile).”
Summer Brings Increase to Pump Prices
Pump prices have increased as gasoline stocks decreased and demand remains robust. According to the Energy Information Administration’s (EIA) data for last week, total domestic gasoline stocks fell by 1 million bbl to 232.2 million bbl. On the demand front, it fell from the previous week’s record-setting 9.9 million b/d to 9.5 million b/d, which is in line with last summer’s rate at this time.
If gas stocks continue to dwindle alongside typical demand rates seen during the busy summer driving season, American motorists will likely see pump prices continue to increase ahead of the Independence Day holiday.
Additional Factors for Increase
- Rising tensions between the U.S. and Iran following the downing of a U.S. drone.
- A massive fire at a Philadelphia refinery – the largest refinery on the U.S. East Coast, which could require supplies to be redirected from other regions.
- Growing optimism over the possibility of the United States and China reaching an accord to end the ongoing trade dispute.
Regional Prices
- Georgia’s most expensive metro markets are: Atlanta ($2.59), Athens ($2.55), Gainesville ($2.54), Hinesville- Fort Stewart ($2.53).
- Georgia least expensive metro markets are: Catoosa-Dade-Walker-Columbus ($2.40), Albany– Warner Robins ($2.41).
