Monday, August 7, 2023–9:17 a.m.
-David Crowder, WRGA News-
Georgia gas prices continue to rise.
Monday’s state average of $3.66 is 11 cents more than a week ago, 44 cents more than a month ago, and 2 cents more than this time last year.
It now costs almost $55.00 to fill a 15-gallon tank of regular gasoline. Drivers are paying 30 cents more to fill up at the pump compared to a year ago.
Local averages on Monday, according to AAA, were $3.58 in Floyd County, $3.61 in Polk County, and $3.62 in Gordon County.
Chattooga County had the cheapest average at $3.54 while Bartow County was the most expensive at $3.67.
Pump prices have primarily risen due to the price of oil, which was near $80 per barrel last week, but has since softened recently. Because of this, Georgians may see gas prices decrease in the coming weeks.
“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations appear to be getting back to normal,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Coupled with moderate demand and declining oil prices, this may take the steam out of the tight supply price jolts we’ve seen lately.”
Increases at the Pump Slow Down and Relief Could Be On The Way
Since last Monday, the national average for a gallon of regular gasoline has increased by 7 cents to $3.82 (subject to change overnight). The national average for a gallon of gas has continued its summer U-turn, but price increases have slowed, and more relief could be on the way. According to data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.94 to 8.84 million barrels a day last week. Meanwhile, total domestic gasoline stocks increased by 1.5 million barrels to 219.1 million barrels. Lower gas demand amid increasing supply will likely help to slow price increases in the days ahead.