Georgia’s average gas price today increased at the pump by 18 cents compared to a week ago.
And though it could rise even higher, it was still well below the national average, according to a report from AAA.
Montrae Waiters, spokeswoman for AAA-The Auto Club Group, said abnormally cold temperatures along the Gulf Coast in the last week contributed to rising gas prices.
“The situation is fluid and it is possible to see an increase in Georgia gas prices this coming week,” Waiters said.
Newton County’s average for a gallon of regular gas today was at about the state average at $2.53.
Compared to neighboring counties, Newton’s average for regular gas was lower than Rockdale ($2.55) and Jasper ($2.57); the same as Henry ($2.53); and higher than Butts ($2.48) and Morgan and Walton ($2.52), according to AAA.
The statewide average price for regular gas was $2.52 a gallon, which is 11 cents below the national average of $2.63, AAA reported.
The least expensive Georgia metro markets were in Catoosa-Dade-Walker counties ($2.43), Rome ($2.45), and Albany ($2.47).
Today's state average is 18 cents more than a week ago, 27 cents more than last month, and 21 cents more than this time last year.
It now costs motorists $37.65 to fill a 15-gallon tank with regular gasoline; that is 75 cents more than what motorists paid in January of 2020, when pump prices hit their peak of $2.46 per gallon.
Georgia’s average cost for other grades of gas are $2.84 for mid-grade, $3.16 for premium and $2.80 for diesel.
Since Feb. 15, the national average for a gallon of regular gasoline has increased by 13 cents to $2.63. The jump in the national average is a direct result of all major Gulf Coast refineries being impacted by the recent winter storm, which has caused gas supplies to tighten and pump prices to increase.
Until refineries resume normal operations, supply is expected to remain tight in impacted areas, especially with road conditions and power outages reducing fuel deliveries.
Warmer weather is expected in the Gulf Coast in coming days, which will assist with getting refinery operations up and running again. Until then, the impact will result in most drivers seeing pump prices increasing another 5 to 15 cents through the weekend.
At the close of last Thursday’s formal trading session, crude oil decreased by 62 cents to settle at $60.52. Although crude prices ended the day lower due to market concerns regarding demand, they have increased so far this week due to supply and delivery impacts from the winter storm.
Additionally, the Energy Information Administration’s new weekly report revealed that total domestic crude inventories dropped by 7.3 million barrels last week, bringing the supply level to 461.8 million barrels.
As crude inventories decline, crude prices are likely to continue increasing while pushing pump prices higher, the release stated.