Georgia gas prices continue to decline.
Motorists are now paying an average price of $2.52 per gallon for regular unleaded. Monday's state average is 5 cents less than a week ago, 18 cents less than this time last month, and 26 cents less than this time last year.
It now costs $37.80 to fill a 15-gallon tank of gasoline. That is $4.80 less than what motorists paid last May, when pump prices hit their 2018 peak of $2.84 per gallon.
“Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. ,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand– an indication that pump prices may be even cheaper this summer.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.40 to settle at $53.99. Crude prices increased Friday after Saudi Arabia's Energy Minister Khalid al-Falih told an audience at a conference in Russia that OPEC and its partners are close to an agreement to extend their current 1.2 million b/d production reduction pact through the end of 2019. The cartel is expected to formally announce its decision at its upcoming meeting in Vienna on June 25 and 26. The price increase followed a week of losses for crude due to EIA’s weekly petroleum status report showing that total domestic crude inventories rose by 6.8 million bbl last week. At 483.3 million bbl, the current level is 46.7 million bbl higher than last year's level at this time. An oversupply of crude has increased concerns that the market has a glut of oil -- even as U.S.-imposed sanctions on Iran and Venezuela have worked to reduce global supply. Market observers will await OPEC’s meeting to determine how much global crude supplies may tighten further. If the glut persists, crude prices will likely continue to decline.
As the region continues to carry among the cheapest gas price averages in the country, every state’s average is cheaper by at least a dime compared to last month. The largest monthly decreases in the country. Georgia (-18 cents), Texas (-17 cents), Louisiana (-15 cents), (Florida (-15 cents) and South Carolina (-15 cents) rank among the top 10 states with the biggest change in pump prices compared to last month.
Georgia most expensive metro markets –Hinesville- Fort Stewart ($2.60), Savannah ($2.57), and Atlanta ($2.56).
Georgia least expensive metro markets – Catoosa-Dade- Walker ($2.31), Albany ($2.37), and Dalton ($2.38).