'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.

 

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.