Oil prices reached new heights Monday, causing a bump in the road for falling gasoline prices.
Georgia gas prices rose nearly a penny overnight, after holding nearly steady during the past week. Monday's state average was $2.28, according to AAA's Wednesday report.
Prices in the state dropped for most of the past 44 days, with the state average falling 14 cents during the period. The average price on Christmas Day, $2.27, was a dime more than the year before, and the highest for the holiday in three years.
For the first time since June 2015, the price of oil exceeded $60 a barrel on the NYMEX Monday. The daily increase totaled $1.50 per barrel which would normally amount to 3-4 cents at the pump. Oil prices rose after an explosion on a pipeline in Libya, which feeds one of the country's export terminals. In addition, struggles continue with restoring service to a pipeline in the North Sea.
"We may see moderate increases at the pump this week, but the downward trend should resume in the new year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "After the holidays, gasoline demand takes a sharp turn lower, because fewer people take extended road trips in January. The weak demand, plus high refinery output should keep gas prices low. However, motorists should prepare for the seasonal 30-70 cent surge in the spring, as refineries conduct maintenance."
The most expensive gas price average in Georgia was in Savannah at $2.35 a gallon. The Catoosa, Dade and Walker County area and Dalton came in with the lowest averages at $2.16.
Highs and Lows of 2017
- National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
- Florida: the highest average price in was $2.73 on September 9. The lowest was $2.13 on July 17.
- Georgia: the highest average price was $2.76 on September 12. The lowest was $2.08 on July 5.
- Tennessee: the highest average price was $2.60 on September 10. The lowest was $1.99 on July 5.
Source: AAA
