10
May
2020
|
23:00 PM
America/Chicago

AAA: Gas Demand Continues Ascent, Leading To Steady National Average Increase

NEWS RELEASE

MEDIA CONTACT:


Montrae Waiters, AAA spokeswoman, The Auto Club Group,
Cell (813) 244-0815, Mwaiters@acg.aaa.com

GEORGIA
AVERAGE PRICE PER GALLON
$1.64 (+ 3¢)

AAA: Gas Demand Continues Ascent, Leading To Steady National Average Increase

ATLANTA, GA., (May 11, 2020) — Georgia gas prices increased slightly at the pump compared to a week ago. Georgia motorists are now paying an average price of $1.64 per gallon for regular unleaded gasoline. Monday's state average is 3 cents more than a week ago, 8 cents less than last month, and $1.05 cents less than this time last year.

It now costs motorists $24.60 to fill a 15-gallon tank of gasoline; that is $16.50 less than what motorists paid in April of 2019, when pump prices hit their peak of $2.74 per gallon.

"As some states begin to re-open businesses, those states will likely see demand increase and pump prices will likely follow suit," said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. "Gas price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more."

Crude Oil

Since last Monday, the national average for a gallon of regular gasoline has increased by 6 cents to $1.84. The Energy Information Administration (EIA) released new data that showed demand for gasoline increased by 800,000 barrels a day to 6.7 million barrels a day last week, which is 3.2 million barrels a day less than last year at this time. The boost in demand continues to push pump prices up around the country, as more states re-open businesses. Gas demand is expected to continue to grow, leading pump prices to continue their ascent for the coming weeks.

At the close of Thursday's formal trading session, WTI decreased by 44 cents to settle at $23.55 per barrel. Although crude prices took a slight back step, they are expected to gain some steam this week, as the market continues to believe that crude demand will increase as more states re-open businesses. However, global crude demand is expected to remain low due to COVID-19, tempering price increases.

Regional Prices

Atlanta ($1.64)

  • Most expensive Georgia metro markets –Hinesville-Fort Stewart ($1.75), Savannah ($1.71) and Gainesville ($1.66).
  • Least expensive Georgia metro markets – Athens ($1.51), Rome ($1.52) and Warner Robins ($1.55).

CURRENT AND PAST PRICE AVERAGES (Regular Unleaded Gasoline)

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2019 Low

2019 High

Record High

National

$1.84

$1.83

$1.78

$1.88

$2.87

$2.23 (January)

$2.90 (May)

$4.11 (7/17/2008)

Georgia

$1.64

$1.63

$1.61

$1.72

$2.69

$2.04 (January)

$2.74 (April)

$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.

Visit the AAA Georgia Newsroom

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA's mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.