“Several factors contributed to the drop in gas prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Lower crude oil prices, demand has tapered off now that Spring Break has ended in Georgia, and a hefty gasoline supply in the U.S.”

Nationally:

Gas Prices Reverse Course

Since last Monday, the national average price for a gallon of regular gasoline has decreased by 7 cents to $3.18, subject to change overnight. Prices at the pump are coming down even though this is the time of year when gas prices go up. Supply and demand are the main reasons for the dip. After OPEC+ announced its increasing oil production for next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply and tepid gasoline demand are resulting in lower pump prices.   

According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 barrels a day last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236.0. and gasoline production decreased, averaging 8.9 million barrels per day. 

Oil Market Dynamics

At the close of last Wednesday’s formal trading session, WTI rose $2.77 to settle at $62.35 a barrel. The EIA reports that crude oil inventories increased by 2.6 million barrels from the previous week. At 442.3 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.    

Electric:

Meanwhile, the national average per kilowatt-hour of electricity at a public EV charging station remained at 34 cents today.  Drivers can find electric charging prices along their route using the AAA TripTik Travel Planner.

Regional Prices:

The most expensive metro markets in Georgia are Athens ($3.04), Atlanta ($3.03), and Savannah ($2.98).

The least expensive metro markets in Georgia are Catoosa-Dade-Walker ($2.86), Augusta-Aiken ($2.85), and Hinesville-Fort Stewart ($2.84).

Current and Past Price Averages (Regular Unleaded Gasoline)

AAA encourages drivers to use the money-saving gas tips listed below.

Money-Saving Tips for Drivers

• Shop around for gas prices. Drivers can check area gas prices on the Fuel Price Finder.

• Consider paying in cash instead of using a credit card. Some retailers charge extra per gallon for customers who use a credit card.

• Enroll in fuel savings programs.

Fuel-Saving Tips for Drivers

• Maintain your vehicle to ensure the best fuel economy. Find a trusted automotive facility at AAA.com/Auto Repair.

• Combine errands to minimize driving time.

• Slow down. Fuel economy diminishes significantly at highway speeds above 50 miles per hour. Drive conservatively and avoid aggressive driving. Aggressive acceleration and speeding can reduce fuel economy.

Traffic Safety Tip: AAA-The Auto Club Group “Move Over For Me” Campaign

“Drivers, if you see a disabled vehicle on the roadside while traveling, be courteous and Move Over,” said Waiters. “Remember, the person who broke down could be you, a friend, a family member, a coworker, or a neighbor. Move Over for the safety of others and because it is the right thing to do!”