Monday, May 8, 2023–11:10 a.m.
-David Crowder, WRGA News-
Georgia gas prices were down again compared to a week ago.
Georgia drivers are now paying an average price of $3.24 per gallon for regular unleaded gasoline.
Monday’s state average is 7 cents less than a week ago, 12 cents less than a month ago, and 57 cents less than this time last year.
It now costs $48.60 to fill a 15-gallon tank of regular gasoline. Drivers are now paying almost $9.00 less to fill up at the pump compared to a year ago.
“The oil market volatility is leading to lower prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “And we are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for Georgians.”
Local averages on Monday were $3.13 in Floyd County and Bartow County, $3.12 in Gordon County, $3.11 in Polk County, and $3.10 in Chattooga County.
National Gas Price Average on the Decline
The fear of a global economic recession is the leading cause of falling pump prices. The price for oil has dropped nearly $20 per barrel recently to the upper $60s, which has spurred the retreat for gas prices. Since last Monday, the national average for a gallon of regular gasoline has decreased by 7 cents to $3.54(subject to change overnight). According to data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.51 to 8.62 million barrels a day last week.
The drop in demand is more in line with what market observers expected last week. The estimate could be revised when EIA releases final demand measurements for May. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower. If demand remains low, drivers will likely continue to see pump prices decline.