All signs point to higher gas prices, according to information released by AAA, The Auto Club Group.
Gasoline demand is surging while inventories are beginning to slip. Meanwhile, refineries are getting rid of excess winter blend gasoline as they continue to push summer blend fuel into the market, which is more expensive to produce. Today the national average for a gallon of regular unleaded gasoline is $2.32, an increase of 3 cents from last week, up a few fractions of a cent from one month ago, and 26 cents more than this time last year.
"Motorists should expect more volatility at the pump in the coming months," said AAA spokesman Josh Carrasco in this week's fuel price report. "Declining gasoline inventories, like we saw last week, normally trigger a rise in gas prices. But increased domestic oil production could put a ceiling on historic springtime increases at the pump."
Wholesale gas prices rose 7 cents last week as demand rose and gasoline supplies fell. The dip in supplies is normal for this time of year, as refineries try to sell off their remaining winter blend gasoline. Refineries have until May 1 to complete the switch to summer blend gasoline. AAA projects the national average for a gallon of gasoline will increase 40 cents this summer, peaking near $2.70, which is 70 cents higher than it was last summer. Whether gas prices reach that peak will depend on the direction of oil prices, which hit their highest price point since March 7th on Friday.
Georgia gas prices averaged $2.20 on Sunday - 4 cents more than a week ago, 2 cents less than one month ago, and 16 cents more than a year ago.
- The most expensive metro markets in the state are Atlanta ($2.226), Savannah ($2.218), and Valdosta ($2.196)
- The least expensive metro markets in the state are Augusta-Aiken ($2.131), Macon ($2.133), and Columbus ($2.136)
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com. Motorists can find the lowest gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
