Gas continues its climb at the pump
ALBANY, Ga. (WALB) - Georgia gas prices have risen 3¢ per gallon in the past week, averaging $2.93 a gallon today, according to GasBuddy’s daily survey of 5,883 stations in Georgia. Gas prices in Georgia are 8.3¢ per gallon higher than a month ago and stand 95.2¢ per gallon higher than a year ago.
According to GasBuddy price reports, the cheapest station in Georgia is priced at $2.47 a gallon today while the most expensive is $3.37 a gallon, a difference of 90¢ per gallon.
The national average price of gasoline has risen 1.3¢ per gallon in the last week, averaging $3.16 a gallon today. The national average is up 10.2¢ per gallon from a month ago and stands 98¢ per gallon higher than a year ago.
AAA reports that It now costs motorists $44.55 to fill a 15-gallon tank of gasoline; that is $7.65 more than what motorists paid in January of 2020 when pump prices hit their peak of $2.46 per gallon.
“Peak summer driving season is in full-swing as Americans hit the road and gas prices are not backing down,” said Montrae Waiters, spokeswoman, AAA-The Auto Club Group. “Georgians are paying, on average, nearly a dollar more a gallon than last summer to fill up at the pump.”
NATIONAL AVERAGE SEES A PENNY INCREASE AS GAS DEMAND DECLINES AND OIL PRICES REMAIN HIGH
Since Monday, the national average for a gallon of regular gasoline has increased by 2¢ to $3.16. In its latest weekly report, the Energy Information Administration (EIA) reported that gas demand decreased from an all-time high of 10.04 million barrels a day to 9.28 million barrels a day last week. The decrease, alongside a 1 million barrels increase in total domestic gasoline stocks to 236.5 million, has helped to slow pump price increases. However, with oil prices above $70 per barrel, pump prices will likely remain high (above $3 per gallon) throughout the busy summer driving season.
Neighboring areas and their current gas prices:
- Augusta- $2.90 a gallon, up 1 cent per gallon
- Macon- $2.88 a gallon, up 1.1 ¢ per gallon
- Atlanta- $2.99 a gallon, up 7.6 ¢ per gallon
“Gas prices across the country have been a bit sideways in the last week with a mixed bag of decreases and increases, but overall, the national average hasn’t seen much meaningful direction as oil prices remain under their early-July levels thus far thanks to OPEC coming to an agreement on production over the weekend,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
“OPEC’s plan is to raise oil production by 400,000 barrels per day each month until 2022, at which time OPEC’s oil production will be back at pre-Covid levels. It’s a positive development in light of U.S. gasoline demand which last week rose nearly 2%, which should act as a loose ceiling on the price of oil, and could mean we’re even closer to seeing a peak in the national average if we haven’t already,” De Haan said.
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