Georgia motorists are likely seeing high prices at the pump - 49 cents higher per gallon than this time last year - but prices are actually down a penny and nine cents less than the national average, according to AAA.
Georgia gas prices averaged $2.72 on Sunday. Atlanta and Brunswick match for the highest price in the state at $2.75 with Savannah a close third at $2.74. Augusta-Aiken comes in the lowest at $2.62.
Prices may increase this week due to the rising price of oil, the report from AAA said. Oil prices have reached a new 2018 high on the belief that President Trump may pull out of the Iran Nuclear Deal. He has until May 12 to make that decision - restoring sanctions could eliminate 1 million barrels of Iranian oil per day, further constricting supplies in what is already considered to be a tight global market. Until a decision is made, the oil market remains restless; inching toward a $70 per barrel threshold, which hasn't been breached since November 26, 2104.
Meanwhile, crude oil rose more than a dollar last week, equating to a roughly 2.5 cent increase at the pump. Friday's closing price of $69.72 per barrel is the highest daily settlement since November 2014. At that time, gas prices averaged around $2.80 nationwide and $2.72 in Georgia in Tennessee - which are about the same as what motorists are paying at the pump today.
"Preliminary projections had gasoline averaging around $2.75 this summer," said Mark Jenkins, spokesman for AAA. "However, all bets are off right now, pending the President's decision on the Iranian Nuclear Deal. Gas prices were relatively stagnant last week, but we could see a slight boost, based on oil price gains last week and the potential for additional hikes in the coming days."
