Albany gas prices surpass state average

ALBANY — Metro Albany drivers take to the roads this week with the knowledge that they are now paying prices at the pump that push the state average higher. Albany’s average price Monday was up 3.4 cents a gallon over last week, the region’s $2.721 average higher than the state’s average of $2.716 per gallon.

Those results were released by gas surveyor AAA-The Auto Club Group on Monday.

GasBuddy, another company that surveys thousands of gas retailers across Georgia and the nation to provide up-to-the-minute costs, had the state average at $2.70 per gallon Monday, a relatively modest gain over the past seven days. Both AAA and GasBuddy, though, had the national average shooting up, the latter by 5.7 cents a gallon to $2.86, while the former had the national average at $2.871, an increase of 6 cents a gallon.

In Georgia, the most expensive averages Monday were in Brunswick ($2.80), Savannah ($2.74) and Atlanta ($2.73); while the least expensive averages were in Augusta-Aiken ($2.63), Warner Robins ($2.63) and Catoosa-Dade-Walker ($2.64).

Including the change in gas prices in Georgia during the past week, prices were 52.6 cents per gallon higher than the same day one year ago and are 8.9 cents per gallon higher than a month ago. The national average has increased 15.4 cents per gallon during the last month and stands 53.8 cents per gallon higher than this day one year ago.

“Gas prices saw among the larger weekly increases since Hurricane Harvey in the last week as oil prices continued to surge, leading to sharply higher prices at the pump, putting the U.S. in peril of striking the $3/gallon level for the first time since 2014,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said. “Some of the factors at play in the rising prices: President Trump’s U.S. withdrawal from the nuclear deal with Iran and oil supplies that have continued to drop as U.S. exports surpass Venezuela — a surprising feat given Venezuela has the largest proven oil reserves in the world.

“In addition, as money continues to flow into commodities as bets for higher oil prices rise, there’s a strong chance of seeing crude oil prices continue to rally in the weeks ahead, with odds of hitting $3/gallon nationally now better than 65 percent just in time for the summer driving season.”

In addition to the Iran situation, the latest EIA figures painted a picture of lower fuel supply in the United States, which heaped additional upward pressure on prices at the pump. The weekly report showed a 0.3 percent dip in domestic crude inventories, and a near 1 percent decline in gasoline supplies. Production rates are strong, but so too are U.S. demand and fuel exports. Gas stations are also in a process of transitioning from winter to summer blend gasoline, which is federally mandated to happen by June 1.

“Gas prices are their highest in years, yet that doesn’t seem to be slowing motorists down,” Mark Jenkins, a AAA spokesman, said. “The latest round of figures from the EIA shows that gasoline demand is significantly higher than this time last year. A strong economy is helping to fuel motorists along, as we approach the most traveled Memorial Day in more than a dozen years. Those people affected by the higher prices at the pump are likely cutting back on other expenses like shopping and dining out.”