While still below prices a year ago, gas pump prices are rising

TAMPA —As one of the busiest travel weekends of the year for vacationers gets closer, gas pump prices are heating up.

On May, a string of more than 100 days in which the average price of a gallon of gas nationally was a full dollar below the previous year was snapped, according to the AAA Daily Fuel Gauge Report. Monday’s U.S. average of $2.705 a gallon was a new high average for the year on the report. GasBuddy’s website Monday at the U.S. average slightly higher at $2.711.

“Thanks to fluctuating oil prices, gasoline keeps inching up at a time of year when prices typically begin their fall,” said Mark Jenkins, spokesman for AAA — The Auto Club Group. “Supply disruptions on the U.S. West Coast and increases in the price of crude oil are likely to keep upward pressure on gas prices in the near-term.

“Despite consecutive weekly increases at the pump, consumers are still expected to pay some of the lowest prices for the Memorial Day Holiday in nearly five years.”

Patrick DeHaan, senior petroleum analyst for GasBuddy, said the national average rise over the past month is “showing signs of fading” as crude oil prices drop $2 a barrel from what have been the high so far this year.”

“While higher demand is expected for this Memorial Day weekend,” DeHaan said, “crude oil inventories remain plentiful and stand some 86 million barrels higher than a year ago.

“That reminder could inspire some selling in crude oil, as could bearish comments recently made by OPEC, or data showing that the 24-week decline in oil rigs is greatly slowing down.”

On May 18, 2014, according to AAA’s Fuel gauge Report, the average cost of a gallon of gas nationally was $3.646 — 94.1 cents higher than Monday’s average. GasBuddy showed last year’s U.S. average at $3.656, 94.5 cents higher than Monday.

According to AAA forecasters, the number of Americans traveling out of town — defined as at least 50 miles from home — over Memorial Day weekend is expected to be the most in 10 years. More than 1 million Georgians are expected to be traveling. The vast majority of travelers will drive to their destinations.

Georgia motorists were about a dime a gallon better off than U.S. motorists as a whole, averaging $2.608 on Monday. Georgians, while paying the highest prices since Dec. 8, still were more than a buck below prices from last year when gas averaged $3.632 per gallon, $1.024 higher than Monday. GasBuddy had the state average pegged at $2.615 Monday, $1.016 below its average of $3.631 last year.

Closer to home Monday, metro Albany were well below both the national and state averages at $2.468, which was $1.062 below what the Fuel Gauge Report found a year ago. But it was still an 18.7 cent increase from what Albany area motorists were paying on April 18.

Albany was the third-lowest price metro area along the eight that AAA tracks in Georgia. Augusta’s metro area was at $2.402 on Monday and Macon was at $2.462. The highest cost was in Atlanta, where drivers were paying $2.703.