ATLANTA, Ga. (WALB) - Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.57 per gallon for regular unleaded gasoline. Monday’s state average is 6¢ more than a week ago, 33 cents more than last month, and 29 cents more than this time last year.
It now costs motorists $38.55 to fill a 15-gallon tank of gasoline; that is $1.65 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.
“Because U.S. crude production was offline due to the Gulf Coast winter storm we can expect gas prices to be impacted,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Georgians should anticipate pump prices to rise this coming week.”
NATIONAL AVERAGE CLIMBS AS CRUDE PRICES INCREASE
Since last Monday, the national average for a gallon of regular gasoline has increased by 9 cents to $2.72. The national average continues to increase as crude prices march higher. Gas prices have also increased from longer-than-expected refinery outages due to last week’s winter storm that impacted the Gulf Coast. As refineries restart and resume normal operations, supply is expected to increase in impacted areas and should bring stability to pump prices.
At the close of last Thursday’s formal trading session, WTI increased by 31 cents to settle at $63.52 — the highest settlement price since May 2019. Crude prices have increased this week due to growing market optimism that as vaccines become more available, crude demand will recover. Prices continue to increase despite the Energy Information Administration’s new weekly report revealing that total domestic crude inventories increased by 1.3 million barrels last week, bringing the supply level to 463 million barrels. However, if market optimism continues to increase, crude prices will likely end the week higher.
- Most expensive Georgia metro markets – Savannah ($2.62), Brunswick ($2.61), and Valdosta ($2.58).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.51), Rome ($2.52), and Athens ($2.53).