Thursday March 28th, 2024 12:30PM

Georgia gas prices up while national prices trend lower

Gas prices in the state are a penny higher than a week ago, reaching $2.73, though national prices are trending lower after refinery issues pushed prices higher last week.

Early last week, reports surfaced of seven gulf coast refineries dealing with various operational issues. Some of the issues have already been resolved, while others could take weeks. For instance, the Motiva refinery - the largest in the country - suffered a mechanical outage to one of their catalytic crackers. This is the most important component for converting oil to other fuels. The outage will likely cause reduced output from the plant, and may not be resolved until August.

"Fortunately, fuel prices plunged on the stock market last week, which created adverse pressure to the rising prices caused by refinery issues," said Mark Jenkins, spokesman for AAA. "This sort of volatility at the pump is common during the summer driving season. The three most common reasons for increases during the summer are refinery outages, geopolitical tension, and hurricanes."

In Georgia, Atlanta had the highest gas prices at $2.78, followed by Athens at $2.74 and Savannah had the third highest price at $2.72. Warner Robins had the lowest at $2.59. In Hall County, AAA's fuel price map showed prices around $2.70.

Last Wednesday, oil prices plummeted nearly $4 and gasoline futures fell 10 cents. Some of those losses were recovered by Friday with gasoline finishing even with the week before, yet oil remains $2.79 lower. The price for a barrel of WTI settled at $71.01 on the NYMEX; $3.14 less than this year's high, set two weeks before. The slump in futures prices were the result of growing concerns of an international trade war, added strength in the U.S. dollar, lower gasoline demand numbers, and news that Libya would resume oil exports.

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