Gas prices down in Georgia, up nationally

ALBANY — Retail gas prices were up slightly in metro Albany but down statewide over the past week as a stronger crude oil market resulted in a nationwide uptick at the pump.

“Gasoline prices have risen in much of the country over the last week as crude oil prices rose to over $50 per barrel as market weighed the possibility of OPEC cutting production,” Patrick DeHaan, senior petroleum analyst for GasBuddy, said. “Among the hardest hit were Great Lakes states as refinery issues also pushed fuel prices higher.

“And while hundreds of gas stations in Florida ran out of gasoline ahead of Hurricane Matthew, much of the increase was not because of the storm but due to the rise in crude oil prices.”

Nationally, motorists were paying $2.258 a gallon Monday according to AAA’s Daily Fuel Gauge Report, while GasBuddy’s survey had the average at $2.256. Averaging the two surveys, that was up about 3.4 cents from last week and an average of 7.4 cents higher than last month, but 6.3 cents below Oct. 10, 2015.

In Georgia, drivers on Monday were paying an average of $2.283 (GasBuddy) to $2.287 (AAA), down 1.8-2.6 cents in a week, according to the survey. Still, that’s 17.2-19.8 cents per gallon more than last month and 12.3 cents above last year.

Metro Albany on Monday ranked fourth-highest among the eight Georgia metro areas surveyed by the Daily Fuel Gauge Report. At $2.213, Albany was up a penny from last week, and motorists were paying 23 cents a gallon more than they were last month. Compared to last year, the AAA survey showed Albany drivers paying 12.3 cents more per gallon on average.

The lowest average price among Georgia metro areas Monday was Augusta’s $2.179, while the most expensive gas was in Atlanta, which was averaging $2.339.

The impact of Hurricane Matthew was felt more in Florida, which saw a 6.2-cent spike at the pump. Mark Jenkins with AAA The Auto Club Group said that increase likely would have been higher had the hurricane hit the Gulf Coast.

Nationally, Jenkins said, drivers may continue to see pump prices wobble higher or lower in the next few weeks as the market reacts to the OPEC production agreement and continued refinery maintenance.

DeHaan, however, said there are indications that the OPEC’s decision may not stick.

“Moving forward, oil may be on shaky ground as signs emerge that OPEC may not cut production as they indicated two weeks ago,” DeHaan said. “The Saudis recently cut crude oil prices to some customers for November delivery, a fresh sign the Kingdom is staying aggressive about market share. This could lead to some relief as we head toward the holidays.”

The oil market was bullish Monday, however, after Russia said a production freeze or reduction was needed to maintain stability in the market. West Texas Intermediate reached $51.60 a barrel — its highest level since June 9 — settling Monday at $51.35, up $1.54.

As the remnants of Matthew dissipate, the only other organized storm activity is Tropical Storm Nicole, which is expected to strengthen to hurricane force. It’s projected to hit Bermuda, but the National Hurricane Center’s storm track indicates it will stay out to sea and will not threaten the U.S. mainland.