COVINGTON, Ga. — Average fuel prices across Newton County are approximately 12 cents lower than compared to just more than a week ago.
As of Wednesday, March 30, the average price for a gallon of regular gasoline in Newton was $3.97, according to AAA. On Monday, March 21, the average price was $4.18.
Statewide, the average Wednesday was $3.93 compared to $4.12 on March 21.
Part of the the decrease could be attributed to the temporary suspension of the state gas tax, which was reportedly expected to save Georgia motorists about 29 cents per gallon. Another contributing factor is a drop in oil prices; but, experts say that could change in the coming days.
“Georgians continue to see savings at the pumps compared to a week ago,” AAA spokesperson Montrae Waiters said in a March 28 news release. “However, if oil prices continue to rise, gas prices will likely follow suit, possibly reversing course from the current downward trend.”
According to data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 3 million barrels to 238 million barrels last week. Gasoline demand also decreased from 8.94 million barrels a day to 8.63 million barrels a day.
At the close of last Wednesday’s formal trading session, WTI increased by $5.66 to settle at $114.93. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined last week by 2.5 million barrels to 413.4 million barrels, approximately 18% lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising prices.