Gas prices climb again this week - WALB.com, Albany News, Weather, Sports

Gas prices climb again this week

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From GasBuddy.com

Georgia - Average retail gasoline prices in Georgia have risen 2.3 cents per gallon in the past week, averaging $2.82/g yesterday.

This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.93/g, according to gasoline price website GeorgiaGasPrices.com.

Including the change in gas prices in Georgia during the past week, prices yesterday were 70.2 cents per gallon higher than the same day one year ago and are 9.4 cents per gallon higher than a month ago. The national average has increased 6.8 cents per gallon during the last month and stands 72.1 cents per gallon higher than this day a year ago.

"Last week we saw a correction in oil and wholesale gasoline prices," said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. "With wholesale gasoline prices down as much as 30 cents per gallon since last Monday, I expect retail gasoline prices to fall as gasoline stations continue to sell through their more expensive inventory and buy cheaper supply, passing on lower prices to motorists."

DeHaan says that the correction in oil prices wasn't much of a surprise, noting that fundamentals continue to show growing supply. "If the sentiment that ruled last week continues to weigh on traders, we could see the average price for gasoline drop across much of the country, just in time for Memorial Day weekend," he adds.

  • GasBuddy.com operates over 200 live gasoline price-tracking websites, including GeorgiaGasPrices.com. GasBuddy.com was named one of Time magazine's 50 best websites and to PC World's 100 most useful websites of 2008.