AAA: PUMP PRICES SLIP AS GASOLINE GLUT GROWS
ATLANTA, Ga., (January 28, 2019) — Gas prices in Georgia have leveled-off after rising 7 cents last week. Drivers are now paying an average price of $2.17 per gallon. Sunday’s state average is 6 cents more than a month ago, yet 31 cents less than this time last year.
Click here to view AAA’s state and metro gas price averages
- Most expensive gas price averages: Atlanta ($2.21), Hinesville-Fort Stewart ($2.19), and Brunswick ($2.18)
- Least expensive gas price averages: Warner Robins ($2.06), Catoosa-Dade-Walker ($2.08), Columbus ($2.09)
“Gas prices are slipping lower, due to an oversupply of gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gasoline supplies are at record highs, according to the latest report from the EIA. That’s because refineries had been running hard to meet seasonal demand for both heating oil and exports. In doing so, they were left with more gasoline than there was demand for. State averages could drop another 3-5 cents in the next 7-10 days as a result.”
The national average price for gasoline rose 3 cents last week, but prices are now moving lower. Sunday’s average price of $2.26 per gallon is 1-cent less than Friday, 2 cents less than this time last week, and 32 cents less than this time last year.
Americans are saving nearly $5 when filling a 15-gallon tank of gas, compared to what they paid a year ago. The national average is 71 cents less than last year’s high, and only fractions of a penny more than what drivers paid on January 1.
Oil prices held relatively steady last week. Friday’s settlement of $53.69/b for WTI was 11 cents less than the week before. Meanwhile, gasoline futures dropped 6 cents on the NYMEX and wholesale prices followed suit.
Crude prices could face upward pressure this week, as a result of political turmoil in Venezuela. The once oil-rich nation sits on the largest oil reserves in the world, but production has declined during its prolonged economic struggles. Venezuela now faces potential sanctions from the United States on crude exports. Sanctions are being considered as a method to remove Venezuela’s President Nicolas Maduro from power. This could also result in tightening global crude supplies and higher prices.
GasPrices.AAA.com – Daily national, state, and metro gas price averages
AAA Mobile app – Free app that compares gas prices near you
Gas Cost Calculator – Determine how much gasoline will cost on your next road trip
CURRENT AND PAST PRICE AVERAGES
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2018 High||Record High|
|National||$2.264||$2.268||$2.244||$2.297||$2.576||$2.97 (5/26/2018)||$4.11 (7/17/2008)|
|Florida||$2.226||$2.231||$2.227||$2.195||$2.553||$2.92 (5/25/2018)||$4.08 (7/17/2008)|
|Georgia||$2.168||$2.168||$2.104||$2.114||$2.482||$2.84 (5/27/2018)||$4.16 (9/15/2008)|
|Click here to view current gasoline price averages|
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.6 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.
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