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Georgia Gas Prices Now 25 Cents More Than Last Year

Monday, August 7th, 2017

Gas prices are mostly climbing around the country. Georgia gas prices averaged $2.23 on Sunday, after rising 5 cents in the past week. 

Last month, gas pries in Georgia averaged $2.14 per gallon; 8 cents more than the average in July 2016. Nationwide, pump prices averaged $2.27; 6 cents more than July 2016. 

  • The most expensive gas price averages in Georgia are in Atlanta ($2.29), Savannah ($2.22), and Athens ($2.20)
  • The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.12), Macon ($2.14), and Columbus ($2.16)

"Motorists are now finding gas prices that are about 25 cents more expensive than this time last year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Although gasoline demand is keeping pace with last year's levels, oil prices are making the biggest difference in prices at the pump. Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than last year, making it more expensive to produce gasoline."

Last week's EIA report showed record-high gasoline demand. In addition, crude supplies declined for the fifth consecutive week. The five-week trend is giving greater confidence to investors. However, their excitement is tempered as total crude storage 70 million barrels above the 5-year average. This, combined with continuously high domestic crude oil output, it is still clear that the glut of crude will not disappear easily. Because of this, oil and gasoline prices are still forecast to retreat after the summer driving season draws to a close. 

Crude oil prices surpassed $50 per barrel last week for the first time since May 24. During that time, gas prices were at about the same level as they are now. Although pump prices could see additional upward movement in the coming weeks, any significant gains would not come without further growth in oil prices, a hurricane in the Gulf of Mexico or some sort of interruption in fuel supply. 

Gas Price Tools for Reporters/Consumers

  • GasPrices.AAA.com - Daily national, state, and metro gas price averages.
  • AAA Mobile app - Free app that shows current prices at a gas station near you.

Highs and Lows of 2017*

  • The highest national average price for gasoline, so far this year was $2.42 on April 21; the lowest was $2.23 on July 5.
  • The highest average price in Georgia, so far this year, was $2.29 on April 14; the lowest was $2.08 on July 5.
FUEL FUNDAMENTALS
(Based on weekly data provided by the EIA)
U.S. Crude Oil U.S. Gasoline
  • Oil prices held relatively steady last week, hovering between $49-$51 per barrel.
  • Supplies declined another week by 1.5 million barrels (-0.1%)
  • Production rose by 20 million barrels per day reaching 9.43 million bpd. The average production level of the last 4 weeks was 10.9 percent more than the same period last year.
  • Refineries continue running strong, turning 3.9 percent more product than the same time last year.
  • Futures prices declined by 3 cents during the past week. 
  • Wholesale spot prices increased slightly
  • Supplies declined by 2,500 barrels nationwide and 1,200 barrels in the Gulf Coast.
  • Production declined by nearly 1 percent.
  • Implied gasoline demand set a new all-time record high of 9.842 million barrels.

                    

                             CURRENT AND PAST PRICE AVERAGES

                                                    Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.346 $2.346 $2.313 $2.242 $2.124 $4.114 (7/17/2008)
Florida $2.286 $2.288 $2.291 $2.144 $2.053 $4.079 (7/17/2008)
Tampa $2.247 $2.253 $2.287 $2.017 $1.954 $4.009 (7/16/2008)
Georgia $2.233 $2.231 $2.180 $2.089 $1.978 $4.164 (9/15/2008)
Tennessee $2.142 $2.139 $2.083 $1.997 $1.885 $4.118 (9/15/2008)
Click here to view current gasoline price averages