Gas prices continue upward surge

ALBANY — Gas prices skyrocketed upward over the past seven days, average prices at the pump increasing by 7.6 cents a gallon in metro Albany, 7.3 cents a gallon across the state of Georgia and 6.1 cents a gallon nationally, according to surveyors GasBuddy and AAA-The Auto Club Group.

Although the leap of 7.6 cents a gallon in metro Albany was significant, the southwest Georgia metro area’s average cost of $2.218 a gallon was still among the lowest prices in the state’s 15 metro regions. Coming in lower on Monday were the Catoosa-Dade-Walker metropolitan statistical area at $2.20 a gallon and the Augusta-Aiken MSA at $2.21 a gallon. At the other end of the spectrum, the state’s highest average prices were in Brunswick ($2.32), Atlanta ($2.31) and the Hinesville-Fort Stewart MSA ($2.30).

“Gas prices rose as predicted last week, due to crude price gains and oil refineries conducting seasonal maintenance,” AAA spokesman Mark Jenkins said in a news release. “Gas prices may fluctuate over the next couple of weeks, but will mostly follow an upward trend this spring as demand rises and refineries switch to a more expensive summer-blend gasoline. AAA forecasts the national average should peak at around $2.75 by Memorial Day weekend. That opens the door for an average increase of another 35 cents this spring.”

Even with the sharp increases, prices Monday were 10.5 cents per gallon lower than a year ago. But they are 12.1 cents per gallon higher than a month ago. The national average has increased 11.6 cents per gallon during the last month and stands 10.8 cents per gallon lower than a year ago.

Crude oil has a significant impact on gas prices. About half of what drivers pay at the pump is influenced by the price of crude. Crude prices have risen more than $12 per barrel so far this year. Last week, oil prices steadily climbed. On Friday, the U.S. benchmark settled at $57.26 per barrel on the NYMEX – an increase of nearly $2 per barrel compared to the week before. The price of WTI remains nearly $6 per barrel below last year’s levels.

“Gasoline prices saw their biggest weekly jump of 2019 with the national average now at its highest point since mid-December as oil prices continued to advance,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a news release. “While such jumps are in line with expectations, that doesn’t make them any easier to digest.

“Unfortunately, we’re likely in store for a continued march higher into March and even April as seasonal trends kick into high gear. But there is some light at the end of the tunnel. Average gas prices should remain lower than their year-ago levels for now, and the annual spring surge we see at gas pumps will likely not be as bad as we’ve seen in years past.”

Gas prices in metro Albany have jumped more than 10 cents in the last two weeks. The $2.218 average in southwest Georgia compares to last week’s $2.142.