After steady increase, gas pump prices level off

ALBANY — Motorists fearful of skyrocketing fuel prices impacting them at the pump may be in for some relief as prices seem to have leveled off after a steady rise the last few weeks.

Officials with AAA — The Auto Group say there was very little shift in prices at the pump last week as oil prices seemed to stabilize, despite high demand.

Even with that plateau, prices are still hovering at their highest levels in more than six months, and the national average for regular unleaded gasoline has remained above $2 per gallon for 47 consecutive days.

On average, drivers across the nation are paying about $2.21 for a gallon of unleaded gasoline, which is on par with what they were paying a week ago. Those prices are up from the $2.04 they were paying a month ago, but significantly lower, however, than the $2.66 average from a year ago.

Georgia drivers seem to be doing slightly better, as the state average is $2.18 a gallon, which is up from the $2.16 average last week, and up from the $2.01 average a month ago. Despite those increases, though, prices are down considerably from the $2.54 they were a year ago.

Those trends are also reflected locally, as average prices in Albany are actually down 2 cents from last week’s average, dropping from $2.15 to $2.13, according to GasBuddy.com, which surveys thousands of gas stations nationwide.

Just like the national trends, prices are up nearly 20 cents from last month’s average of 1.95 a gallon but are still lower than the $2.46 average from the same period in 2015.

Even with the leveling off of prices, AAA spokesman Mark Jenkins said demand continues to be high and gas prices should peak some time in the next two months.

“Gasoline demand continues to break seasonal records as low prices motivate people to drive more,” said Jenkins. “Refineries have ramped up production to meet the increased demand, which helps to balance prices at the pump. Volatility in both gas and oil prices are expected in the short-term, but barring any unforeseen price spikes or fuel shortages, gas prices should peak within the next month or two, like they did last year.”

Despite the expectation that prices should peak this summer, drivers are still seeing prices significantly lower than they were two years ago, when Georgia drivers we paying right at the national average of $3.66 per gallon for unleaded.

Additionally, AAA statistics indicate that summer drivers could find the lowest seasonal gas prices in more than a decade thanks to demand being nearly 6 percent more than a year ago.

Even though Americans seem to be driving more and gas prices are at their lowest levels since 2009, AAA is reporting that U.S. drivers believe gas is “too high” at $2.50 per gallon, and 35 percent believe gas is “too high” based on today’s average price. Fifty percent of Americans also believed gas was “too high” at $3.30 a gallon in 2014.