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Sunday May 19th, 2019 4:57AM

Gas prices rise a nickel from last week, quarter from last year

By Alyson Shields Reporter

Gas prices in the state are climbing slightly, mirroring a trend across the rest of the country.
 
Price for a gallon of regular unleaded gas in Georgia was $2.23, up a nickel from the past week and up eight cents than the average for July, $2.27
 
Higher gas prices were reported in Atlanta at $2.29, Savannah $2.22 and Athens at $2.20. Lower prices were spotted in Augusta-Aiken at $2.12, Macon at $2.14 and Columbus at $2.16.
 
The gap between AAA and fuel price researcher GasBuddy is tightening. GasBuddy.com reported prices at $2.19, also up about five cents from last week and now only four cents variance from AAA's data.
 
Nationally, GasBuddy reports a 2.1 cent increase to $2.33 a gallon. That compared to AAA's $2.27 average nationally.
 
"Motorists are now finding gas prices that are about 25 cents more expensive than this time last year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Although gasoline demand is keeping pace with last year's levels, oil prices are making the biggest difference in prices at the pump. Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than last year, making it more expensive to produce gasoline."

Record high gasoline demand was noted on last week's EIA, and crude supplied were down for the fifth consecutive week. This trend is giving hope to investors, total crude storage 70 million barrels above the 5-year average. This, combined with continuously high domestic crude oil output, it is still clear that the glut of crude will not disappear easily. Because of this, oil and gasoline prices are still forecast to retreat after the summer driving season draws to a close.

Crude oil prices are over $50 a barrel for the first time since May 24, with gas prices looking about the same now as they did then, AAA reported. Although pump prices could see additional upward movement in the coming weeks, any significant gains would not come without further growth in oil prices, a hurricane in the Gulf of Mexico or some sort of interruption in fuel supply. 
 

  • Associated Categories: Business News, Local/State News
  • Associated Tags: AAA, Gas prices, GasBuddy
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