clearn.png
Tuesday May 21st, 2019 4:45AM

Gas prices up statewide, nationally, could continue to increase

By Alyson Shields Reporter

Gas prices are up slightly in Georgia, ringing in the last week of January with an average of $2.48, an 18 cent increase from a month ago and 30 cent increase from this time last year.
 
AAA reports Georgia has the 20th lowest state average in the nation. Stock market gas prices had peaked at levels similar to that during Hurricane Harvey, driving prices up and causing refinery outages.
 
"There appears to be a recipe for even higher gas prices brewing, and the rising price of oil is just one of the key ingredients," said Mark Jenkins, spokesman for AAA. "During the next few months, refineries will randomly conduct maintenance on their equipment and switch to a more-expensive-to-produce summer blend gasoline. During their downtime, these refineries reduce the amount of gasoline they put out into the market. Historically, that has caused gas prices to rise 30-75 cents, as a result. It's unclear exactly how the market will absorb these shifting fundamentals, but motorists may want to be ready. One remaining beacon of hope is that domestic oil production would ramp up sooner than later, and end the upward momentum on oil prices."
 
Triple A also predicts gas prices could return to the $2.50s unless prices retreat this week.
 
GasBuddy.com agrees, indicating their records show an increase of 3.6 cents and a state average at $2.46. Georgia's price is still lower than the national average of $2.50, GasBuddy reports.
 
"With oil maintaining strength, gasoline prices have continued to climb in many places, rising to their highest level since Hurricane Harvey dealt a blow to Texas and a significant portion of U.S. refining capacity," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "This time around, oil prices have been the culprit for gasoline prices rising to their highest level in over 130 days, and with U.S. crude oil inventories plummeting for 10 straight weeks, I see diminishing chances of the traditional winter relief that accompanies the year's coldest months. Without gas prices falling, the current price environment may be the floor for what could become a more expensive year than anticipated, barring any change to OPEC policy that has led to today's climate of lower supply and higher prices."
 
Prices peaked in Atlanta and Savannah at $2.51 and in Brunswick at $2.50. Lower prices were spotted in the Augusta-Aiken area at $2.40 and $2.41 was recorded in both Warner Robins and Catoosa-Dade-Walker.
 

© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Gas prices up statewide, nationally, could continue to increase
Gas prices are up slightly in Georgia, ringing in the last week of January with an average of $2.48, an 18 cent increase from a month ago and 30 cent increase from this time last year.
7:40AM ( 4 minutes ago )
Developer wants to add homes to east Gainesville subdivision
Another 100 houses are planned for Heritage Pointe Subdivision on the east side of Gainesville.
6:00PM ( 13 hours ago )
Poultry convention returns to Atlanta Tuesday
The International Production & Processing Expo, better known to most north Georgians as simply "the poultry convention," returns to Atlanta Tuesday for a three-day run.
10:00AM ( 21 hours ago )
Business News
Inaugural Miller Leadership Academy class includes several northeast Georgians
Miller Institute Foundation CEO Bryan Miller has announced the inaugural Miller Leadership Academy Class of 2018, and it includes several northeast Georgians.
4:00AM ( 3 hours ago )
Casino mogul Steve Wynn resigns as top GOP finance chairman
Casino mogul Steve Wynn has resigned as finance chairman of the Republican National Committee amid allegations of sexual harassment and assault.
10:07PM ( 9 hours ago )
NHMS Robotics Team headed to state championships
The North Hall Middle School Lego Robotics Team is headed to the state championship.
10:00PM ( 9 hours ago )
Local/State News
Gas prices in Georgia up two cents, but could drop if U.S. oil production ramps up
Gas prices in Georgia are about two cents higher this week, starting 2018 as the most expensive year beginning since 2014.
8:12AM ( 6 days ago )
Gas prices steady first week in to the new year
Georgia gas prices remain steady the first week of 2018, averaging $2.36 Sunday, according to AAA.
10:00AM ( 2 weeks ago )
Gas prices ahead of holiday lowest since Hurricane Harvey hit
As the Christmas holiday fast approaches, prices for a gallon of gas fell 3.5 cents in Georgia.
8:33AM ( 1 month ago )
AAA: Record-breaking 107M Americans to celebrate holidays away from home
'Tis the season to spend with family and friends, and this year Americans are traveling in record numbers, according to AAA.
By AccessWDUN staff
5:00AM ( 1 month ago )
Gas prices drop slightly both in Georgia and the U.S.
Shoppers digging for discounts in Georgia area may see lower prices at the pumps this week while they travel to and from shopping centers, with prices falling about two cents per gallon this past week.
8:20AM ( 1 month ago )