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Tuesday December 11th, 2018 3:21PM

Gas prices steady first week in to the new year

By Alyson Shields Reporter

Georgia gas prices remain steady the first week of 2018, averaging $2.36 Sunday, according to AAA.

AAA reports strong oil prices are keeping prices at the pump elevated, with WTI at just over $62 a barrel. The first week of the year historically reports strong oil prices, the group reports.

Meanwhile, gasoline demand has dropped significantly , a standard for the winter months, contributing to a strong build in fuel availability . This phenomenon is standard for this time of year and usually leads to lower gas prices in January and February.

"Retail prices could drop 5-15 cents in the next month and a half, while supply outpaces demand," said Mark Jenkins, spokesman for AAA. "Unfortunately, springtime is as a springboard for prices at the pump, and we may see a 40-50 cent jump by the summer. Of course, this forecast could change dramatically if there are unexpected shifts in fuel supply and/or the stock market."

GasBuddy.com reports average pump prices at $2.33 a gallon with a 1.3 cent increase over last week.

"As unseasonable cold finally breaks across the country, what may not break as quickly as the unseasonably high gas prices," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Prices at the pump are higher than they were nearly all of last summer, mainly because oil prices remain high and due to the extreme cold weather that caused some snafus at refiners. Inventories of refined products have seen an impressive build in the last week, and there's a strong likelihood that we may soon begin to see the national average falling toward the end of the month. I must caution motorists, however, that any downturn would likely be short-lived as gas prices typically begin moving higher after the sweetness of Valentines Day has worn off as refiners begin maintenance and the long road to summer gasoline begins."

The highest prices were near the coast in Brunswick at $2.42 and Savannah at $2.39. Warner Robins had the lowest price at $2.27, according to AAA. GasBuddy reports Atlanta's prices were flat at $2.38.

  • Associated Categories: Business News, Local/State News
  • Associated Tags: AAA, Gas prices, GasBuddy
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Gas prices steady first week in to the new year
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