Gas prices in Surrey today | Reddit
The average price of gas in Georgia is still lower at the pump than it was a week ago. Regular unleaded gasoline now costs, on average, $2.90 a gallon for drivers in Georgia (this price could change overnight).
The state average as of Monday is 6 cents lower than it was a week ago, 30 cents lower than it was a month ago, and 22 cents lower than it was at this time last year. Nowadays, filling up a 15-gallon tank with normal fuel costs $43.50 on average. Compared to a month ago, Georgians are now spending $5 less to fill up at the pump.
According to AAA-The Auto Club Group spokesperson Montrae Waiters, “many gas pumps in our state are selling regular gas for less than $3 per gallon, and Georgians seem to be taking full advantage of filling up their cars without worrying about breaking the bank.” “For the time being, drivers will benefit from falling prices with every trip to the gas pump, but we still need to monitor global events for their impact on oil prices, which remain volatile.”
The national average price of a gallon of normal gasoline has dropped by 7 cents since last Monday to $3.42 (which might vary overnight). This decline has been consistent, albeit unspectacular. Lower oil prices and stagnant demand at the pump are the main causes.
The Energy Information Administration reports that last week’s gas consumption dropped somewhat from 8.86 to 8.7 million barrels per day. At 223.5 million barrels, the nation’s total gasoline stockpiles were unchanged in the meantime. Pump prices have decreased as a result of decreased gas demand and falling oil costs. Automobile owners could anticipate more price reductions if the price of oil stays low.
U.S. Refineries Adjust Operations as Gasoline Demand Cools Down
According to Reuters, American refiners are preparing to reduce refinery utilization rates following high gasoline production rates in the face of declining demand.
According to AAA, the national average price of gasoline in the United States has decreased from $3.746 to $3.418 during the last month. Prices are still progressively down.
Refiners predict output will stay strong enough to guarantee that gas prices stay on their lower track because of falling seasonal demand, even if they are seeking utilization rates in the low 90s after the majority of the year witnessed a high 90s rate.
As a result of the decline in gasoline demand, guidance has typically been within our forecasts of seasonally lower levels, according to Matthew Blair, head of investment company Tudor, Pickering, Holt & Co.’s research on refiners, chemicals, and renewable fuels, who was quoted by Reuters. The Energy Information Administration’s (EIA) inventory data from last week, which showed a peak in gasoline demand to 8.7 million bpd from 8.86 million bpd, is consistent with the refiners’ assessment of the decreasing demand. Currently, gasoline stockpiles are 2% over the five-year season average and 8.2% higher than a year ago.
Furthermore, the EIA reported that refinery utilization has decreased by 0.2% to 85.4%.
U.S. refiners are now enjoying a solid Q3 earnings season due to increased demand. The average price of diesel has decreased nationally by 6.6 cents over the last week and by 93 cents over the previous year, according to GasBuddy, which also shows a 7-cent decline from a week ago and a roughly 41-cent drop from a year ago. These price reductions have occurred for seven weeks in the U.S.
According to Patrick De Haan of GasBuddy, “cooler weather brings cooler gasoline prices.” He also stated that as Thanksgiving approaches, prices will drop “virtually coast to coast.”
According to De Haan, “the decline is likely to continue for at least another couple of weeks.”
With 14.7% of the world’s total crude output in 2022, America is the top oil producer in the globe. The affordability and accessibility of oil and gas for widespread distribution is made possible by the luxury of local production. Although it might not appear like it has a direct effect on the typical user of gas and oil, it actually does, and rather significantly. An estimated $203 billion, or $2,500 for every family of four, is saved by American consumers annually thanks to domestic oil and gas production. In addition, the oil and gas sector generates billions of dollars in tax income, sustains over 12 million employment in the United States, and guarantees energy security.
With a projected growth rate of 4.4%, the worldwide oil and gas industry, which was valued at $6.99 trillion in 2022, is anticipated to reach $8.67 trillion in 2027. Asia Pacific holds the greatest proportion of the global oil and gas market, followed by North America.
The sector’s expansion is primarily being driven by the increasing demand for gas and oil, increased industry competitiveness, financial capital, and public scrutiny. The sector is also expected to develop as a result of the increase in worldwide pricing and the expansion of oil and gas exploration operations.
As a general rule, richer countries have higher gas prices, while the prices in poorer countries or countries that produce and export oil are significantly lower. However, the U.S. is an exception to this rule and has surprisingly low gas prices.
