partlycloudy
Monday July 16th, 2018 10:03PM

'Volatile' spring gas prices mean increases at a the pump

By Alyson Shields Reporter
Gas prices are going up, with prices ranging from two and a half to six cents higher than a week ago.
 
Fuel tracking agencies AAA and GasBuddy.com both report prices are up, but the amount varies. Triple A reports a state average of $2.43, up a nickel since last week; GasBuddy prices average $2.38 as of Sunday.
 
For reference, AAA surveys 130,000 gas stations, gathering data from credit card swipes, as well as direct feeds. GasBuddy collects data by reports from consumers, also known as crowd-sourcing., from about 5,883 outlets in Georgia.
 
Gainesville had the largest price increase at eight cents. "Gas prices are usually volatile during the spring, with more ups and downs than a rollercoaster," said Mark Jenkins, spokesman for AAA "Wholesale gasoline prices lowered late last week, which should allow retail to do the same. While motorists could see gas prices drift a few cents lower in the short term, they should expect more surprises this spring. In total, pump prices could rise 20-30 cents before the summer, as refineries work through scheduled maintenance and prepare for the switch to summer blend gasoline."
 
Atlanta prices touched $2.45 to $2.46, the highest prices in the state.
 
"Despite the rough ride crude oil received in the latter half of last week, gasoline prices managed a rally, pushing the national average for the week into positive territory for the first time in a month. This confirmed what was noted here last week; March comes in like a lamb but goes out like a lion. Oil aside, there are early indications that gasoline prices are about to strengthen helped by a noticeable number of refineries out for maintenance and a stronger demand outlook than we saw last year," said Dan McTeague, senior petroleum analyst for GasBuddy. "Geopolitics, trade skirmishes, growing fuel exports and the ever sensitive relationship between oil and the value of the greenback are all factors that are likely to help the gasoline bulls as temperatures and global political intrigue rise in apparent unison."
 
Triple A reports a weekly fuel snapshot, oil and gasoline futures dropped, following a bearish report from the EIA last week, allowing gas prices to point lower; it also showed strong U.S. crude production, weak gasoline demand, and larger-than-anticipated growth in domestic gasoline and crude inventories.
 
And, the agency reports that domestic crude production reached a new weekly high reading of 10.3 million barrels per day. Crude stocks are nearly 3 percent higher than earlier this year, but nearly 20 percent lower than a year ago. Gulf Coast gasoline supplies grew by more than 2 percent on the week, raising inventories 4 percent higher than this time last year. Gasoline demand fell nearly 2 percent below the previous week, yet remains nearly 4 percent higher than a year ago. Refinery maintenance is ongoing as is evidenced in the report. Refinery activity sits at 87 percent; the same as the week before.
  • Associated Categories: Business News, Local/State News
  • Associated Tags: AAA, Gas prices, GasBuddy
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
'Volatile' spring gas prices mean increases at a the pump
Gas prices are going up, with prices ranging from two and a half to six cents higher than a week ago.
8:18AM ( 12 minutes ago )
Report: Starbucks proposed in Braselton Development
​Braselton leaders want the public's input on a proposed new development that would include a Starbucks.
7:16AM ( 1 hour ago )
Four Stewart Melvin & Frost attorneys named to ‘Georgia Super Lawyer’ list
Super Lawyers magazine has named four Stewart Melvin & Frost attorneys to its 2018 Super Lawyer and Rising Stars lists.
6:14PM ( 14 hours ago )
Business News
Cornelia wreck injures police officer, Baldwin woman
Georgia State Patrol Post 7 in Toccoa has released preliminary details of a two-vehicle wreck near Burger King in Cornelia Sunday night.
11:15PM ( 9 hours ago )
300+ top professionals expected to compete for more than $930K in Lanier bass tournament this week
The FLW Tour, the most competitive Tour in professional bass-fishing, returns to the water this week with the FLW Tour at Lake Lanier presented by Ranger Boats.
6:00PM ( 14 hours ago )
Soggy weather, overuse leads to closure of roads in Chattahoochee National Forest
Seven roads have been closed in the Chattahoochee National Forest to protect them from long-term damage, as soggy weather and overuse has led to increased vulnerability, officials announced.
4:00PM ( 16 hours ago )
Local/State News
AAA: Gas prices down, but not for long
Gas prices continue to decline, however AAA predicts that trend will come to an end as refineries enter the seasonal maintenance period.
8:12AM ( 1 week ago )
AAA: Gas prices declining as predicted
Over the past 16 days, motorists have seen about a nine cent decrease in gas prices, with Sunday's statewide average at $2.41.
11:09AM ( 1 week ago )
Gas prices in Georgia, nationally decline about three cents
Georgia gas prices are on the decline about three cents this week as energy prices on the stock market took a dive, with Sunday's statewide average of $2.46.
8:01AM ( 3 weeks ago )
Georgia gas prices hover just under $2.50
Gas price tracking agencies are split on whether prices rose or fell this past week, with about a one cent margin.
2:00AM ( 1 month ago )
Chateau Elan one of 41 Ga. hotels on AAA's lists of highest-rated hotels
Georgia is home to 41 of AAA’s highest rated hotels in North America, according to the latest round of AAA Diamond Ratings, and Braselton's Chateau Elan Winery & Resort is among them.
By AccessWDUN Staff
10:00PM ( 1 month ago )