August 2, 2021–12:30 p.m.
AAA SOUTH
Georgia gas prices held steady last week.
Georgia motorists are now paying an average price of $2.96 per gallon for regular unleaded gasoline.
It now costs motorists $44.40 to fill a 15-gallon tank of gasoline; that is $7.50 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“While it is typical to see gas prices increase during the summer months, Georgia pump prices continue to trend under $3 per gallon,” said Montrae Waiters, spokeswoman AAA-The Auto Club Group.
NATIONAL AVERAGE STABILIZES AS GAS DEMAND REMAINS LOW
Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $3.17. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand increased nominally from 9.30 million barrels a day to 9.33 million barrels a day last week. Additionally, total domestic gas stocks declined by 2.3 million barrels to 234.2 million barrels. These trends have helped to stabilize price increases; however, crude oil prices continue to remain above $70 per barrel. As crude prices remain high, AAA expects the national average to remain above $3 per gallon throughout the summer.
OIL MARKET DYNAMICS
At the close of last Thursday’s formal trading session, WTI increased by $1.23 to settle at $73.62. A weaker dollar has helped to push prices up today, while market concerns surrounding demand recovery continue to grow. Crude prices were also bolstered after EIA’s latest report showed that total domestic crude stocks declined by 4.1 million barrels to 435.6 million barrels last week.
Local averages on Monday, according to AAA, were $2.91 in Floyd and Chattooga Counties, $2.90 in Bartow County, $2.94 in Gordon County, and $2.93 in Polk County.