Gas price climb slows in metro Albany

ALBANY — After recording steep increases over the past few weeks, gas prices in the metro Albany region dipped slightly over the past week, falling 2.1 cents a gallon, according to gas surveyor AAA-The Auto Club Group.

The decline in the Albany region, from $2.574 to $2.553, matched a state trend, according to AAA and GasBuddy, which also surveys thousands of gas stations to provide up-to-the-minute gas prices. Average prices in Georgia dropped 0.9 cents a gallon over the week, according to both GasBuddy and AAA.

GasBuddy showed the national average falling 0.6 of a cent, to $2.65, while AAA had the national average price up 0.2 of a cent at $2.661.

“As markets have seen concern rise of a possible trade war between the U.S. and China, oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said. “While the pause button may be hit for the time being on the spring surge, it is still likely we’ll see prices advance again soon.

“Thankfully, the bulk of refinery maintenance is likely behind us, but keep in mind the volatility of the stock market has had a major influence on gas prices in the last year, so we may still be susceptible to sudden and dramatic change in U.S. policy and also still be susceptible to any lingering maintenance at the large refineries.”

The most expensive gas price averages in Georgia Monday were in Hinesville-Fort Stewart ($2.63), Brunswick ($2.63) and Savannah ($2.61). The least expensive in Georgia were in Catoosa-Dade-Walker ($2.48), Dalton ($2.50) and Warner Robbins ($2.51).

“Supply and demand are the biggest factors driving the price at the pump,” Garrett Townsend, the Georgia public relations director for AAA, said. “More motorists on the roadways, tight supply, and record crude exports have the potential for higher prices as we head deeper into the spring.”

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil decreased $1.48 to settle at $62.06. WTI has taken a hit alongside the equities market in the U.S. According to EIA reports, crude exports hit a record high of 15.2 million barrels last week. Domestic crude production also hit a record high 10.5 million barrels a day last week, which contributed to the U.S. shipping more oil to other countries.