AAA: Gas prices drop eight cents from a week ago

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From AAA Media Services

ATLANTA – Georgia gas prices continue to decline at the pump compared to a week ago. Georgia motorists are now paying an average price of $3.84 per gallon for regular unleaded gasoline. Monday’s state average was 8 cents less than a week ago, 27 cents more than last month and $1.16 more than this time last year.

It now costs motorists $58.05 to fill a 15-gallon tank of regular gasoline.

According to AAA, the average cost per gallon in Coweta County today is $3.873. The GasBuddy app shows the lowest gas prices in Coweta are at Sam’s Club, BJ’s Club and Costco, all at $3.59 per gallon this morning. Otherwise, the range among other gas stations in Coweta is $3.78 to $4.19. Kroger, RaceTrac and QuikTrip were at $3.84 each.

“Since early March, Georgians have seen a 42 cents decrease at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “The drop in demand, lower crude oil prices, and the Biden Administration announcement of the largest Strategic Petroleum Reserve release in history appear to have an influence on lower gas prices around the country.”

Regional Prices

Most expensive Georgia metro markets – Atlanta ($3.93), Gainesville ($3.88) and Athens ($3.87).

Least expensive Georgia metro markets – Warner Robins ($3.65), Valdosta ($3.69) and Columbus ($3.70). 

Georgia Record High Regular Gasoline: $4.29 (3/11/22)

National Average Declines As U.S. Plans Daily Releases From Oil Reserve

Since last Monday, the national average for a gallon of regular gasoline has decreased by 5 cents to $4.19. Gasoline demand decreased from 8.63 million barrels a day to 8.5 million barrels a day. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.

At the close of last Wednesday’s formal trading session, WTI increased by $3.58 to settle at $107.82. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined by 3.5 million barrels to 409.9 million barrels, approximately 18 percent lower than the level at the end of March 2021. However, crude prices are predicted to reverse course amid news that the U.S. will release 1 million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.

Gas prices across Georgia, according to AAA.

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