Gas prices remain on upward trajectory

ALBANY — Gas prices continued to rise across the nation as oil prices moved higher, according to reports from surveyors AAA-The Auto Club Group and GasBuddy.

Retailers in metro Albany got a jump on the rest of the state, increasing prices by 6.3 cents a gallon over the past seven days, while the state average rose by 5.6 cents a gallon and the national average by 3 cents.

Average prices in Albany rose from $2.079 a gallon last week to $2.142, well above the metro areas at the lower end of the cost spectrum: Warner Robins ($2.07), Macon ($2.11) and Augusta-Aiken ($2.12). The highest averages came in in the Atlanta ($2.22), Brunswick ($2.21) and Hinesville-Fort Stewart ($2.20) metro areas.

“Oil and wholesale gasoline prices made significant gains last week, which will likely lead to higher prices at the pump,” AAA spokesman Mark Jenkins said. “Prices rose after news that OPEC is making good on its promise to cut production and reports of refinery issues at multiple plants in the northeast.

“One of the other key reasons for rising prices right now is refineries entering maintenance season. This is a time of year when refineries do ‘spring cleaning’ to prepare for the switch to summer-blend gasoline. The process causes refineries to temporarily go offline, reducing the output of gasoline into the market.”

Prices in Georgia Monday were 20.1 cents per gallon lower than a year ago and 10 cents per gallon higher than a month ago. The national average has increased 6.8 cents per gallon during the last month and stands 19.6 cents per gallon lower than a year ago.

On Friday, crude oil reached it’s highest price since mid-November. The closing price of WTI was $55.59 per barrel on the NYMEX — an increase of nearly $3 a barrel compared to the week before. That increase alone has the potential to carry a 7.5 cent jump at the pump. However, oil prices remain about $6 a barrel less than the price this time last year, a primary reason that gas prices remain lower than last year.

Experts did offer a glimmer of hope for consumers expected to continue paying higher prices into the spring and summer.

“Gas prices have advanced to their highest level in nearly two months mainly following as oil prices move higher,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said. “Gasoline demand remains seasonally weak, but last week’s report from the Energy Information Administration showed refinery utilization plunging, meaning less gasoline is flowing out of refiners. In addition, bullish data and optimism on a U.S.-China trade deal helped propel markets last week, as well as turmoil in Venezuela making a strong case for a larger absence of heavy crudes the market depends on.

“But while gas prices are nearly guaranteed to be higher in May than today, it is looking more likely that the rise in prices this year may be more muted than we’ve seen in years past when prices launched 35-75 cents during the spring.”