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Gas prices lower than a week ago

March 12, 2018--7:52 a.m.

NEWS RELEASE

Motorists visiting the gas pump today will find prices that are cheaper than a week ago.

Georgia gas prices declined 3 cents last week.

The state average of $2.40 is 6 cents less than a month ago, but 21 cents more than this time last year. 

"Gasoline should slide a few cents more this week, based on last week's decline in wholesale prices," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Pump prices are sliding right now because crude and gasoline output have remained strong. However, gas prices are still forecast to rise 20 cents in the coming months, as demand climbs and refineries switch to summer-blend gasoline."

  • Gasoline has averaged the highest price for the month of March in four years
  • On average, motorists are paying $3 more for a full tank compared to this time last year
  • Crude oil is $14 per barrel more than last year; preventing a plunge at the pump

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.92 to settle at $62.04. After EIA’s weekly report noted that crude oil inventories increased by 2.4 million bbl last week, WTI prices took a hit. However, they began to rise again after a report by Goldman Sachs stated that global demand for crude is likely to grow by 1.85 million b/d this year. In addition, crude storage levels are more than 100 million bbl lower than they were last year, demonstrating that growth in global crude demand may be helping to lower levels amid restricted output due to OPEC’s production agreement. U.S. crude production continues to boom and be a closely watched figure, hitting another record at 10.37 million b/d last week. Market observers are likely to continue watching this number to see if it begins to outpace domestic and global crude oil demand.

  • Crude oil prices closed at $62.04 per barrel - an increase of 79 cents from the week before
  • Gasoline futures finished the week down 3 cents from Monday's closing price
  • Wholesale gasoline prices declined 2 cents last week