AAA ranks Georgia gas prices among lowest in nation
ATLANTA - Drivers heading to Georgia fuel pumps ahead of the midterm election are paying an average of $3.58 per gallon for regular fuel, according to AAA data released Monday. The state's cost sits significantly below the national average of $4.17 per gallon.
Georgia pump prices fall
What we know:
Commuters across Georgia are getting a rare break at filling stations as retail fuel costs continue to decline statewide. AAA reports the state average for regular unleaded dropped to $3.575 on Monday.
Pump costs vary widely across the state, with county averages ranging from $3.30 to nearly $4 per gallon. Long County drivers are paying an average of $3.47 per gallon.
Motor fuel tax suspension
The backstory:
A major factor keeping Georgia fuel costs down is an ongoing state of emergency order issued by Gov. Brian Kemp. Kemp signed Executive Order 10.24.26.01 on Oct. 24, renewing a temporary suspension of the state's motor fuel taxes through Nov. 30 at 11:59 p.m.
The tax suspension was originally enacted on Sept. 28 in response to global petroleum supply disruptions. Kemp cited expected holiday travel demand around Thanksgiving when approving the 25-day extension to protect the state's economy.
Regional price rankings
Local perspective:
The tax holiday keeps Georgia ranked among the nation's 10 least expensive fuel markets. Regional neighbors North Carolina ($3.42), South Carolina ($3.72) and Tennessee ($3.76) also rank among the cheapest states for gas.
Western states continue to see the country's steepest fuel bills. California tops the list at $6.04 per gallon, followed closely by Hawaii at $5.65 and Nevada at $5.29.
Crude oil and supplies
By the numbers:
Energy Information Administration data shows national gasoline production dropped from 9.75 million barrels per day to 9.34 million barrels. Domestic crude oil reserves fell by 1.6 million barrels to 419.6 million barrels, which is 4% below the five-year average.
Crude oil remains elevated after West Texas Intermediate climbed $2.80 on Wednesday to settle at $102.79 per barrel. National gasoline demand also slipped from 8.96 million barrels per day to 8.36 million barrels.
Diesel records and charging
Big picture view:
Commercial truckers and diesel drivers are contending with near-record fuel expenses this fall. The national diesel average sits at $6.29 per gallon, slightly below the all-time record of $6.52 set on Sept. 22.
Electric vehicle drivers saw stable rates away from the pumps, with commercial charging stations averaging 41 cents per kilowatt-hour nationwide. Kansas offers the cheapest charging at 27 cents per kilowatt-hour, while Hawaii drivers pay the highest at 55 cents.
Global supply disruptions
What we don't know:
Crude oil costs above $100 per barrel continue to limit how quickly pump prices can drop for drivers across the country. Energy analysts have not determined whether global supply chain disruptions will force pump prices back up once Georgia's tax suspension expires.
The Source: The information in this story was gathered from AAA's daily fuel gauge report and weekly market updates, crude inventory reports from the Energy Information Administration, and official executive orders from the Office of the Governor of Georgia.