Georgia gas prices have been on a steep slide for the last three weeks
October 9, 2017 3:08 p.m.
Georgia gas prices have been on a steep slide for the last three weeks and should drift even lower this week. The state average declined for the 26th consecutive day on Sunday, falling a total of 24 cents during that time.
Georgia motorists are paying an average of $2.52 at the pump, a 10 cent discount from last week. Despite the slump at the pump, regular unleaded remains 23 cents more than this time last year, as prices remain inflated from supply and demand issues related to recent hurricanes. The largest weekly discounts during the past week were found in Albany (14 cents), Valdosta (13 cents), and Atlanta (11 cents).
The most expensive metro markets in the state are Athens ($2.56), Atlanta ($2.55), and Savannah ($2.52)
The least expensive metro markets in the state are Albany ($2.39), Augusta-Aiken ($2.43), and Valdosta ($2.45)
"The state average is falling by about a cent a day, as retail prices continue to recover from the effects of Hurricanes Irma and Harvey," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gas prices remain inflated by about 20-30 cents and should decline another 5-10 cents this week. Hurricane Nate's impact on the Gulf Coast region should not affect local prices. However, if refineries and oil rigs have a difficult time resuming normal operations, and futures prices spike, then the local gas price plunge could stall out. This is something that will take a few days to play out."
Hurricane Nate's Impact on the Gulf Coast Oil Production and Refining Region
Hurricane Nate impacted operations at offshore oil production sites and refineries in Louisiana, Mississippi, and Alabama.
OPIS reports that the market is awaiting status updates from refineries in the Gulf Coast, but no damage has been reported so far.
Even if there is no damage at any of the refineries, OPIS speculates that shut-in Gulf of Mexico oil production could pose a crude oil supply issue.
Nate forced the closure of triple the volume of Gulf offshore crude production than Hurricane Harvey.
The total stood at 1.6 million barrels per day over the weekend, or 92.34% of typical daily output in the region, according to the federal Bureau of Safety and Environmental Enforcement (BSEE).
Over the weekend, ports were closed in New Orleans, Baton Rouge, Mobile, Pascagoula, Panama City, and Pensacola.
The U.S. Coast Guard spent Sunday making assessments of ports, refineries and returning personnel to offshore production.
As of late Sunday night, oil and gasoline prices were trending lower in futures trading.
Motorists can find the lowest gas prices in their area by downloading the free AAA Mobile app.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.499 $2.505 $2.556 $2.674 $2.259 $4.114 (7/17/2008)
Florida $2.539 $2.548 $2.615 $2.729 $2.199 $4.079 (7/17/2008)
Georgia $2.520 $2.533 $2.617 $2.726 $2.290 $4.164 (9/15/2008)
Tennessee $2.390 $2.399 $2.466 $2.593 $2.141 $4.118 (9/15/2008)
Click here to view current gasoline price averages
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.4 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 57.7 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.