Prices at the pump are holding steady, declining only fractions of a penny over the weekend. Georgia gas prices averaged $2.23 on Sunday. The state average is the same as last week, yet drivers are paying 21 cents more than this time last year.

The most expensive gas price averages in Georgia are in Atlanta ($2.28), Savannah ($2.23), and Athens ($2.20)

The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.12), Macon ($2.15), and Albany ($2.17)

"Pump prices are moving slightly lower as refineries keep the market well supplied with gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Gasoline supplies are outpacing demand as we enter the final weeks of the summer travel season. This should prevent any major gains in gas prices, unless oil prices rise in response to unexpected disruptions in supply due to international conflict, refinery issues, or a hurricane."

Gasoline demand is on par with this time last year, yet gasoline supply levels are 2 percent stronger. Refiners are running at record highs thanks to favorable profit margins. As a result, gasoline inventories swelled and crude stocks dropped, according to the most recent supply report from the EIA for the week of August 4. Commercial crude oil supplies slipped for the 5th consecutive week, hitting the lowest level since October.

The price for a barrel of WTI crude oil averaged $49.11 last week; 40 cents less than the week before. Meanwhile, the price for gasoline on the NYMEX finished the week 10 cents less than the 4-month high reached two weeks ago.

Highs and Lows of 2017*

The highest national average price for gasoline, so far this year was $2.42 on April 21; the lowest was $2.23 on July 5.

The highest average price in Georgia, so far this year, was $2.29 on April 14; the lowest was $2.08 on July 5.

Summer Gas Prices Averaging Higher than Last Year

The national average for gasoline was $2.23/g from June 1 - August 31, 2016. The national average fell from $2.38 in June, to as low as $2.12 in August. So far this summer, gas prices averaged $2.30/g since June 1, 2017.

The Georgia average for gasoline was $2.11/g from June 1 - August 31, 2016. The state average fell from $2.28 in June, to as low as $1.98 in early August. So far this summer, gas prices averaged $2.17/g since June 1, 2017.

Gasoline prices declined in line with the falling price of crude. Daily WTI settlements dropped from $51.23 in June, to as low as $39.51 in early August. This summer, oil prices have averaged $46.45 per barrel, after ranging from $42.53 - $50.17.