AAA: PUMP PRICES CONTINUE TO DECLINE AMID VOLATILE OIL PRICES
ATLANTA, GA., (April 27, 2020) — Georgia gas prices continues to decrease at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.63 per gallon for regular unleaded gasoline. Monday’s state average is 4 cents less than a week ago, 26 cents less than last month, and $1.09 cents less than this time last year.
It now costs motorists $24.45 to fill a 15-gallon tank of gasoline; that is $16.65 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.
“Pump prices have consistently declined for nine weeks as Americans follow stay at home orders and crude prices remain low due to COVID-19,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Motorists can expect to see prices continue to decline in the week ahead.”
Since last Monday, the national average for a gallon of regular gasoline has decreased by 4 cents to $1.77. New data from the Energy Information Administration (EIA) revealed that demand increased slightly from 5.1 million barrels a day to 5.3 million barrels a day. An increase in demand may contribute to the slowing of pump price decreases in areas that see an uptick in gas sales, but prices will still be well below where they were a year ago. When compared to a year ago, the national average today is $1.11 lower.
For domestic crude oil prices (West Texas Intermediate), last week brought negative prices for the first time in history. Domestic crude prices have since moved back into positive territory, but they remain volatile. Prices spiked by $2.72 to $16.50 in reaction to increased geopolitical tensions between the U.S. and Iran, as well as reports that some participants in the production reduction agreement between the Organization of the Petroleum Exporting Countries and major crude producers, including Russia, have started to cut production before the May 1 start date of the reduction agreement. The agreement is expected to cut global oil production by 9.7 million barrels a day for May and June 2020 and continue with cuts into 2022.
- Most expensive Georgia metro markets –Hinesville-Fort Stewart ($1.82), Brunswick ($1.76) and Savannah ($1.73).
- Least expensive Georgia metro markets – Dalton ($1.39), Rome ($1.44) and Athens ($1.48).
CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2019 Low||2019 High||Record High|
|National||$1.77||$1.78||$1.81||$2.06||$2.88||$2.23 (January)||$2.90 (May)||$4.11 (7/17/2008)|
|Georgia||$1.63||$1.64||$1.67||$1.89||$2.72||$2.04 (January)||$2.74 (April)||$4.16 (9/15/2008)|
|Click here to view current gasoline price averages|