ALBANY, GA (WALB) - Oil prices reached new heights Tuesday, causing a bump in the road for falling gas prices. Georgia gas prices rose nearly a penny overnight, after holding mostly steady during the past week. Today's average in Georgia is $2.28.
Gas prices in Georgia declined for most of the past 44 days, with the state average falling 14 cents during that span. The average price on Christmas Day ($2.27) was 10 cents more than the year before, and the highest for the holiday in three years.
The most expensive gas price averages in Georgia are in Savannah ($2.35), Brunswick ($2.34), Hinesville-Fort Stewart ($2.32)
The least expensive gas price averages in Georgia are in Catoosa-Dade-Walker ($2.16), Dalton ($2.16), Warner Robins ($2.20)
Gas in East Albany was $2.19 Wednesday morning.
For the first time since June 2015, the price of oil exceeded $60 a barrel on the NYMEX yesterday. The daily increase totaled $1.50 a barrel, which would normally amount to 3-4 cents at the pump.
Oil prices rose after an explosion on a pipeline in Libya, which feeds one of the country's export terminals. In addition to that, struggles continue, on restoring service to a pipeline in the North Sea.
"We may see moderate increases at the pump this week, but the downward trend should resume in the new year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "After the holidays, gasoline demand takes a sharp turn lower, because fewer people take extended road trips in January. The weak demand, plus high refinery output should keep gas prices low. However, motorists should prepare for the seasonal 30-70 cent surge in the spring, as refineries conduct maintenance."
Highs and Lows of 2017-
National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
Florida: the highest average price in was $2.73 on September 9. The lowest was $2.13 on July 17.
Georgia: the highest average price was $2.76 on September 12. The lowest was $2.08 on July 5.
Tennessee: the highest average price was $2.60 on September 10. The lowest was $1.99 on July 5.