ATLANTA — Georgia gas prices increased at the pump compared to a week ago. Georgia motorists are now paying an average price of $3.25 per gallon for regular unleaded gasoline. Monday’s state average is about 4 cents more than a week ago, 13 cents more than last month, and 96 cents more than this time last year.
It costs motorists $48.60 to fill a 15-gallon tank of gasoline.
“Russia’s intentions toward Ukraine continues to influence higher crude oil prices,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Higher oil prices will likely lead to higher pump prices for Georgia drivers. The national average for a gallon of gas has risen to $3.43, seven cents more than a week ago.”
Rising crude prices drive national average higher
According to data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 2.1 million barrels to 250 million barrels last week. On the other hand, gasoline demand dropped from 8.51 million barrels a day to 8.23 million barrels a day. An increase in total stocks and a decrease in demand typically put downward pressure on pump prices, but rising crude prices continue to push prices higher instead.
At the close of last Thursday’s formal trading session, WTI increased by $2.01 to settle at $90.27. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Moreover, OPEC+ announced this week it will stick to its plan to increase crude production by 400,000 barrels a day next month despite calls for it to increase output more to help meet demand. The current stock level is approximately 13% lower than at the end of January 2021, contributing to pressure on domestic crude prices.
Average fuel prices in Newton County were at $3.24 per gallon — just below the state average, as of Monday.
Most expensive state metro markets
Brunswick ($3.41), Savannah ($3.34), and Hinesville-Fort Stewart ($3.32).
Least expensive state metro markets
Catoosa-Dade-Walker ($3.15), Warner Robins ($3.17), and Columbus ($3.18).