partlycloudy
Tuesday November 21st, 2017 12:06PM

Gas prices up in Georgia for the first time in over a month

By Alyson Shields Reporter

Gas prices increased in Georgia late last week for the first time in more than a month, according to the latest fuel price report from AAA.
 
A 39 day streak of declines in prices at the pumped ended Thursday. Since then, prices rose four cents.
 
Gas prices averaged $2.12 a gallon on Sunday, four cents more than last week and one cent more than a year ago, but 14 cents less than the national average.
 
The least expensive prices are in Augusta-Aiken at $2, Macon at $2.01 and Albany at $2.02. Atlanta is the most expensive at $2.17 with Savannah following at $2.13 and Columbus at $2.04.
 
"AAA forecasted the streak of gas price declines would come to an end last week," said Mark Jenkins, AAA spokesman. "What came as a bit of a surprise was the abrupt U-turn oil prices made after Independence Day. Instead of building on the momentum that pushed oil above $47 a barrel, the rally suddenly ran out of steam and oil stumbled back below $45. What that means to motorists is a short lived bump in prices at the pump."

The report also showed gas prices for the first 40 days of summer (June 1 - July 10) have averaged the lowest in more than a decade. Prices this summer averaged $2.15 in Georgia, which is the lowest for the 40-day period in 12 years.
 
Oil prices made steady gains, increasing from $42.53 to $47.07 over the course of 13 days, raising the cost of producing gasoline. However, prices at the pump barely had time to respond before oil slumped back below $45 on Wednesday.
 
Despite data from the EIA showing strong demand and reduced inventories, fuel production and supply levels remain especially high for this time of year, preventing oil prices from gaining solid footing.
 
Long term, analysts think demand levels will not surpass last year's record highs. In a statement Wednesday, Wells Fargo said they expect oil prices to remain below $50 a barrel for the next 12 months, which would put a ceiling on gas prices of about $2.50 if the forecast holds.
 

© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Gas prices up in Georgia for the first time in over a month
Gas prices increased in Georgia late last week for the first time in more than a month, according to the latest fuel price report from AAA.
7:03AM ( 23 minutes ago )
2 GOP senators suggest bill to repeal health care law 'dead'
Two moderate Republicans have indicated that the initial GOP bill to repeal and replace the nation's health law is probably "dead" and President Donald Trump's proposal to just repeal it appears to be a "non-starter."
5:04AM ( 2 hours ago )
Sheriff: Escaped Georgia jail inmate captured with mom
An inmate of a central Georgia jail has been captured along with his mother in Alabama
4:53AM ( 2 hours ago )
Local/State News
Georgia gas prices continue downward trend, gas at $2.04 a gallon
​Gas prices have fallen three cents per gallon in the past week, averaging to $2.04 a gallon Sunday. That's according to the latest daily survey from GasBuddy.
7:00AM ( 1 week ago )
AAA: Gas prices lowest for summer travel season in 12 years
Gas prices are the lowest price in 12 years for the beginning of the summer travel season, according to a fuel price report from AAA.
7:34AM ( 1 week ago )
AAA: Georgia gas prices approach 2017 lows
Motorists are finding some of the lowest gas prices of the year, according to this week's report from AAA.
By AccessWDUN Staff
6:48AM ( 3 weeks ago )
AAA: Gas prices down 2 cents; demand hits record high
Georgia gas prices declined by almost a full cent during the past week. Sunday's state average was $2.22, according to AAA. The state average is 5 cents less than this time last year.
By AccessWDUN Staff
7:05AM ( 1 month ago )
AAA: Memorial Day gas prices were lowest in 12 years
Georgia gas prices averaged $2.23 on Memorial Day, according to this week's fuel price report from AAA.
By AccessWDUN Staff
6:06AM ( 1 month ago )