Gas prices continue to climb
April 29, 2019--8:09 a.m.
Georgia gas prices are up this week compared to a week ago.
Georgia drivers are now paying an average of $2.73 per gallon for regular unleaded- 3 cents more than a week ago and 13 cents more than this time last month.
However, drivers are only paying 1 cent more than this same time last year.
Motorists are paying an average of $40.95 for a full 15-gallon tank of gasoline; a discount of $1.05 from when prices were their highest last May.
“Gasoline prices nationwide continue to rise,” said Montrae Waiters, spokeswoman, AAA- The Auto Club Group. “The market price for crude and gasoline are major factors as well as local supply and demand.”
Local averages on Monday were $2.69 in Floyd County, $2.75 in Bartow County, $2.73 in Gordon County, $2.74 in Polk County and $2.64 in Chattooga County.
EIA (Energy Information Administration)
In its latest weekly petroleum report, the Energy Information Administration revealed that while demand decreased slightly to 9.41 million b/d last week, the rate is more than 325,000 b/d higher than where it was last year at this time. Alongside healthy demand, total domestic stocks of gasoline fell by 2.2 million bbl to 225.8 million bbl last week – 11 million bbl lower than the total stock level during this same week in 2018. Two other contributing factors are the switch over to more expensive to produce summer blend gasoline and reduced gasoline production as a result of maintenance at refineries across the country. As a result, American motorists should expect increased pump prices as demand remains robust and stocks dwindle.