Georgia Gas Prices Trickle Lower

Staff Report From Georgia CEO

Tuesday, June 5th, 2018

The summer driving season is in full swing, and it opened with the most expensive gas prices in four years. Fortunately, those prices at the pump are beginning to trickle lower.

The national average price of $2.95 per gallon is 2 cents less than last week. The discount at the pump is begin driven by strong declines in the price of oil - which influences about half the price of gasoline.

Gas prices in Georgia declined 2 cents last week. The state average of $2.82 is 9 cents more than a month ago and 60 cents more than this time last year.

The most expensive gas price averages in Georgia are in Atlanta ($2.88), Athens ($2.86), and Gainesville ($2.86)

The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.67), Warner Robins ($2.68), and Columbus ($2.71)

Crude oil prices hit 7-week lows last week as the dollar gained strength and U.S. oil rig count reached the highest level since March 2015. These factors compounded the downward pressure on crude - initiated when Russia and Saudi Arabia revealed interest in raising crude output. The price of oil sank to $65.81 on Friday, after reaching a 4-year high of $72.24 per barrel just two weeks ago.  

"Gas prices could drop 10-15 cents, based on recent oil price declines," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The discount will not happen overnight, because it usually takes a couple weeks for shifts like this to play out at the pump. However, any downward potential would be wiped out if futures prices suddenly bounce higher."

Average Summer Gas Prices

                 2014    2015    2016    2017    Today
National    $3.57    $2.71    $2.23    $2.31    $2.95
Florida    $3.50    $2.58    $2.19    $2.25    $2.87
Georgia    $3.48    $2.57    $2.11    $2.18    $2.82
Tennessee    $3.35    $2.45    $2.03    $2.08    $2.70
Gas Price Tools

Fuel-Saving Tips

(Source: US Department of Energy)

Drive Sensibly – Aggressive driving (speeding, rapid acceleration and braking) wastes gas.

Gas mileage can be reduced 15-30% at highway speeds / 10-40% in stop-and-go traffic

The equivalent of 27¢ - $1.08 per gallon

Observe the speed limit

Not only is it safer - it can help you save money

Gas mileage rapidly declines at speeds above 50 mph

Every 5 mph you drive over 50 mph is like paying an additional 19 cents per gallon

Lose the weight

Using your trunk for storage can cost you by way of lower fuel economy

Remove unnecessary items from your vehicle.

An extra 100 pounds in your vehicle reduces your miles per gallon by about 1%

Like paying an additional 3 cents per gallon for every 100 pounds

Use cruise control

Cruise control on the highway helps you maintain a constant speed

Conversely, constant throttling at high speeds consumes gasoline much faster

Avoid excess idling

Idling uses a quarter to a half gallon of fuel per hour

Turn off your engine when your vehicle is parked

It only takes 10 seconds worth of fuel to restart your vehicle

Combine trips

Saves time and money

Fuel economy is better when your engine is warmed up and you make multiple stops

Inflate tires

Keeping your tires inflated to the proper pressure can improve your gas mileage up to 3%

It can mean the difference of a couple cents per gallon

Find the recommended tire pressure on a sticker located on the driver’s side door jamb