The Brief
National average gas prices are steady at $3.16 per gallon, slightly down from last month and significantly lower than last summer's average.
Gasoline demand increased, but national supplies only slightly decreased; crude oil inventories dropped, with prices stable around $65 per barrel.
Georgia's average gas price is $2.91, with local variations; California has the highest average at $4.48, while Mississippi has the lowest at $2.70.
ATLANTA - Gas prices across the United States are holding relatively steady during what AAA is calling the "summer doldrums," with the national average for a gallon of regular unleaded fuel sitting at $3.16. That’s a slight drop from $3.22 a month ago and well below last summer’s average of $3.51.
Gasoline demand
What we know
According to the U.S. Energy Information Administration (EIA), gasoline demand increased from 8.48 million barrels per day to 8.96 million over the past week. Despite that rise in demand, national gasoline supplies only slipped slightly, from 232.9 million barrels to 231.1 million. Production increased, averaging 9.4 million barrels daily.
Crude oil inventories also dropped last week by 3.2 million barrels, putting the U.S. total at 419 million barrels—about 9% below the five-year average for this time of year. West Texas Intermediate crude closed at $65.25 per barrel on Wednesday.
Electric vehicle owners are also seeing steady costs. The national average for public EV charging remains at 36 cents per kilowatt hour.
Summer at the pump
What they're saying
"Drivers are feeling the slower pace of summer at the pump," AAA said in its weekly fuel update. Analysts credit the lack of major price swings to stable oil prices, with crude hovering around $65 per barrel.
"It’s been another relatively quiet week for average gas prices," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Oil prices continue to hover in the mid-to-upper $60s, and with gasoline demand starting to ease as we head into August, we could see prices gradually decline as we approach Labor Day."
De Haan warned that late summer is also when hurricane season heats up, which could disrupt supply chains and impact prices.
Georgia gas prices
Local perspective
Georgia’s statewide average for regular gas is now $2.91, down from $3.33 at this time last year. In Atlanta, prices rose slightly over the past week to $2.93 per gallon, according to GasBuddy. That's unchanged from a month ago and 41 cents lower than a year ago. The cheapest gas in the Atlanta area was $2.49 per gallon, while the highest reported was $3.99.
In Athens, regular gas is averaging $2.93. In Columbus, it’s slightly lower at $2.88. Rome has some of the cheapest gas in the state at $2.81, and the northwest Georgia tri-county area of Catoosa, Dade, and Walker counties is averaging just $2.76 for regular.
Prices in neighboring cities also saw slight increases. Chattanooga is averaging $2.69, up 4 cents from last week, while Macon rose 6 cents to $2.86.
Gas prices, highs and lows
Big picture view
California continues to lead the nation with the highest average at $4.48 per gallon, followed closely by Hawaii and Washington. Mississippi has the cheapest average price at $2.70, with Louisiana and Oklahoma tied at $2.77.
The most expensive state for public EV charging is West Virginia at 52 cents per kilowatt hour. Kansas and Missouri remain the cheapest, at 25 and 27 cents, respectively.
Historic Highs
Dig deeper
The highest recorded national average for regular unleaded was $5.02 on June 14, 2022. Diesel peaked at $5.82 five days later. In Georgia, the record for regular unleaded was $4.50, set on June 15, 2022.
Despite current prices sitting far below those highs, fuel costs remain a concern for budget-conscious travelers and commuters.
The Source
AAA and GasBuddy provided the details for this article.
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