AAA: Georgia Gas Prices Drop 4 Cents (April 20 2020)

AAA: GEORGIA GAS PRICES DROP 4 CENTS

ATLANTA, GA., (April 20, 2020) — Georgia gas prices  continues to decrease at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.67 per gallon for regular unleaded gasoline. Monday’s state average is 4 cents less than a week ago, 34 cents less than last month, and $1.01 cent less than this time last year.

It now costs motorists $25.05 to fill a 15-gallon tank of gasoline; that is $16.05 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

“Every U.S. region is seeing builds in gasoline inventories and crude storage, which drives pump prices even cheaper,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “With Americans following stay at home orders and refiners producing excess gasoline, Georgia motorists are likely to see gas prices continue to decline this week.”

Low Gas Demand and Growing Stocks Push Pump Prices Lower

Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $1.81. In its latest weekly report, the Energy Information Administration (EIA) released new data that shows total domestic gasoline stocks grew by 4.9 million barrels last week to 262.2 million barrels, which is 34.3 million barrels more than last year’s level at this time. Meanwhile, gas demand registered at 5.1 million barrels a day for a second week.

Crude prices have fallen steadily as the global public health, financial and economic impact of COVID-19 has increased. As a result of COVID-19, the International Energy Agency’s (IEA) new monthly report for April 2020 revealed that global oil demand is projected to hit a 25-year low and fall by a record 9.3 million barrels a day this year. According to IEA, global crude demand for April 2020 is expected to be 29 million barrels a day lower than April 2019 — a level unseen since 1995.

Regional Prices

Atlanta ($1.67)

• Most expensive Georgia metro markets –Hinesville-Fort Stewart ($1.85), Brunswick ($1.82) and Savannah ($1.76).
• Least expensive Georgia metro markets – Dalton ($1.40), Rome ($1.48) and Athens ($1.51).