AAA: GA gas prices spike 11¢ over last week

AAA: GA gas prices spike 11¢ over last week
Gas prices (Source: Cassie Fambro WBRC)

ATLANTA, GA., (WALB) - Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.69 per gallon for regular unleaded gasoline. Monday’s state average is 11¢ more than a week ago, 36¢ more than last month, and 59¢ more than this time last year.

It now costs motorists $40.35 to fill a 15-gallon tank of gasoline; that is $3.45 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.

“Nearly every state average has climbed by double-digits since February resulting in 1 in 10 gas stations with pump prices that are $3 per gallon or more,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Even though Georgia pump prices are trending upward we have remained below that threshold.”

PUMP PRICES CONTINUE TO CLIMB HIGHER AHEAD OF SPRING

Since last Monday, the national average for a gallon of regular gasoline has increased by 9¢ to $2.85. Rising crude prices, tightening gas supplies, and increased gas demand continue to drive pump prices to higher ground. According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased by 11.9 million barrels to 231.6 million barrels, as demand increased from 8.15 million barrels a day to 8.73 million barrels a day last week. Last week’s demand measurement is the highest since the end of November 2020. If these trends continue alongside higher crude prices, drivers can expect pump prices to increase through the week.

At the close of last Thursday’s formal trading session, WTI increased by $1.58 to settle at $66.02. Market optimism about crude demand recovery continues to push crude prices higher. As vaccines continue to rollout and optimism grows, the market is likely to continue seeing higher crude prices. Crude prices will likely the end week higher despite EIA’s latest weekly report revealing that crude inventories increased by 13.8 million to 498.4 million barrels.

REGIONAL PRICES

Atlanta ($2.68)

  • Most expensive Georgia metro markets – Savannah ($2.76), Valdosta ($2.72), and Brunswick ($2.71).
  • Least expensive Georgia metro markets – Gainesville ($2.64), Catoosa-Dade-Walker ($2.65), and Dalton ($2.66).
AAA SURVEY Saturday Sunday Week Ago Month Ago Year Ago 2020 Low 2020 High Record High
National $2.85 $2.85 $2.76 $2.50 $2.28 $1.76 (April) $2.59 (January) $4.11 (7/17/2008)
Georgia $2.69 $2.68 $2.58 $2.33 $2.10 $1.61 (May) $2.46 (January) $4.16 (9/15/2008)

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