March 8th, 2021 – 10:00 AM
AAA – The Auto Club Group
Georgia gas prices increased marginally at the pump compared to a week ago. Georgia motorists are now paying an average price of $2.58 per gallon for regular unleaded gasoline. Monday’s state average is 1 cent more than a week ago, 30 cents more than last month, and 37 cents more than this time last year.
It now costs motorists $38.70 to fill a 15-gallon tank of gasoline; that is $1.80 more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.
“A modest increase at the pump for Georgia motorists this week,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Rising crude prices contributed to the increase this week. As a result, pump prices will likely continue to increase through the end of the month.”
NATIONAL AVERAGE CONTINUES TO INCREASE AS WINTER WANES
Since last Monday, the national average for a gallon of regular gasoline has increased by 5 cents to $2.76. Rising crude prices, tightening gas supplies, and increased gas demand have contributed to drivers seeing higher prices at the pump. According to new data from the Energy Information Administration (EIA), total domestic gas stocks decreased by 13.6 million barrels to 243.5 million barrels, as demand increased from 7.2 million barrels a day to 8.15 million barrels a day last week. If these trends continue alongside higher crude prices, drivers can expect incremental price increases — of at least nickel — at their local gas stations in March.
At the close of last Thursday’s formal trading session, WTI increased by $2.55 to settle at $63.83. Crude prices increased this week after the Organization of the Petroleum Exporting Countries (OPEC) decided with its allies, including Russia, to maintain existing crude production cuts of 7 million barrels a day through April. Additionally, Saudi Arabia — a member of OPEC — agreed to extend its voluntary production cut of 1 million barrels a day by one month. Crude prices have increased despite EIA’s latest weekly report revealing that total domestic inventories grew by 21.6 million barrels to 484.6 million barrels last week.
REGIONAL PRICES
Atlanta ($2.58)
- Most expensive Georgia metro markets – Hinesville-Fort Stewart ($2.66), Savannah ($2.64), and Brunswick ($2.62).
- Least expensive Georgia metro markets – Catoosa-Dade-Walker ($2.54), Athens ($2.56), and Warner Robins ($2.57).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
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Sunday
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Saturday
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Week Ago
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Month Ago
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One Year Ago
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2020
Low |
2020
High |
Record High
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National
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$2.76
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$2.76
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$2.71
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$2.46
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$2.39
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$1.76 (April)
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$2.59 (January)
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$4.11 (7/17/2008)
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Georgia
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$2.58
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$2.58
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$2.57
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$2.28
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$2.21
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$1.61 (May)
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$2.46 (January)
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$4.16 (9/15/2008)
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Click here to view current gasoline price averages
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