Gas prices are up three cents since last week in Georgia, the most expensive summer gas prices in four years, and Gainesville saw those higher prices.
That's according to AAA's weekly fuel price report, adding that average prices at the pump for a gallon of regular unleaded $2.72. Gainesville's average price matched the state average, giving it the third most expensive prices in the state.
Since June 1, prices in Georgia averaged $2.75 per gallon, which was an increase of nearly 60 cents compared to last summer's average. However, prices are 12 cents below this year's high, which was set during Memorial Day weekend.
"Reduced global oil supplies have caused summer travelers to pay a higher price at the pump this year," said Mark Jenkins, spokesman for AAA. "Fortunately, domestic gasoline production remains strong, which should help prevent major swings in summer gas prices. However, pump prices will pop if a major hurricane threatens refineries along the Gulf Coast. Last year, Hurricane Harvey caused a 40 cent spike."
Atlanta saw the highest gas prices in the state at $2.79, with Athens following at $2.74 and Gainesville at $2.72. Warner Robins had the least expensive price at $2.56.
According to the latest EIA figures, demand is near record-levels, averaging two percent higher than last year. Fortunately, U.S. refineries are more than keeping pace. Gasoline production in the Gulf Coast is 12 percent better than this time last year. As a result, gasoline futures prices dropped seven cents on the stock market last week. Oil prices remain near multi-year highs, yet held relatively steady through last week. The price of crude settled at $73.80 per barrel on Friday - 35 cents less than the week before.