October 16th, 2023 – 10:45 AM
AAA – The Auto Club Group –
Georgia gas price average continues to decline at the pump compared to a week ago. Georgia drivers are now paying an average price of $3.07 per gallon for regular unleaded gasoline (subject to change overnight).
Monday’s state average is 8 cents less than a week ago, 37 cents less than a month ago, and 19 cents less than this time last year. It now costs an average of $46.05 to fill a 15-gallon tank of regular gasoline. Georgians are paying an average of almost $3.00 less to fill up at the pump compared to a year ago.
“Georgia drivers continue to pay cheaper gas at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Governor Kemp’s suspension of the state’s gas tax continues to be the main culprit, alongside slack demand.”
Gas Prices Fall Despite Clouds of War
Since last Monday, the national average for a gallon of regular gasoline decreased by 10 cents to $3.60 (subject to change overnight). Domestic pump prices maintained their daily decline despite the uncertainty rippling through the oil market in the days since Hamas terrorists attacked Israel. Oil prices rose a few dollars per barrel last week, but that is far from the roughly $40 per barrel temporary spike following last year’s Russian invasion of Ukraine. The critical difference is that Russia is a significant oil producer, while Israel and the Palestinian territories are not.
According to data from the Energy Information Administration (EIA), gas demand increased from 8.01 to 8.58 million barrels a day last week. On the other hand, total domestic gasoline stocks fell by 1.3 million barrels to 225.7 million barrels. Tepid demand, alongside descending oil prices, has pushed pump prices lower. If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.
Regional Prices:
The most expensive Georgia metro markets – are Savannah ($3.17), Atlanta ($3.12), and Hinesville-Fort Stewart ($3.11).
The least expensive Georgia metro markets – are Catoosa-Dade-Walker ($2.91), Valdosta ($2.89), and Albany ($2.88).
Current and Past Price Averages (Regular Unleaded Gasoline)
Sunday Saturday Week Ago Month Ago One Year Ago Record High National $3.60 $3.60 $3.70 $3.86 $3.89 $5.01 (6/14/2022) Georgia $3.07 $3.07 $3.15 $3.44 $3.26 $4.49 (6/15/2022) Click here to view current gasoline price averages
