Monday, October 7, 2024–8:20 a.m.
-AAA South-
Even with conflict in the Middle East and a storm brewing in the Gulf of Mexico, Georgia gas prices declined compared to a week ago.
Georgians are paying an average of $2.74 per gallon for regular unleaded gasoline.
Monday’s state average is 23 cents less than a week ago, 35 cents less than a month ago, and 44 cents less than last year. It costs drivers an average price of $41.10 to fill a 15-gallon tank of regular gasoline. Georgians are paying $5.25 less to fill up at the pump than a month ago.
According to Montrae Waiters, AAA-The Auto Club Group spokeswoman, “OPEC+ announced intentions to bolster production come December 1st, hopefully, with this move and crude oil prices trending downward, Georgians will continue to feel financial ease at the pumps.”
Local averages on Monday were $2.66 in Floyd County and Gordon County, $2.67 in Bartow County, $2.65 in Chattooga County, and $2.72 in Polk County.
Governor Brian Kemp signed an executive order last week suspending the collection of motor fuel excise tax effective at 12:00 a.m. on Thursday, October 3 until Wednesday, October 9.
Nationally
Pump Prices Resume Falling
Since last Monday, the national average for a gallon of regular gasoline decreased by 4 cents to $3.17 (subject to change overnight). The devastation wrought by Hurricane Helene did little to impact gasoline supply, but it crushed demand in affected areas by destroying infrastructure and causing power outages.
According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.20 million barrels a day last week to 8.52. Meanwhile, total domestic gasoline stocks rose from 220.1 million barrels to 221.2, while gasoline production decreased last week, averaging 9.6 million barrels daily. Tepid gasoline demand and low oil costs will likely keep pump prices sliding.