Gas takes 7-cent weekly jump in metro Albany

ALBANY — Metro Albany drivers continued to sing the gas pump blues over the past week, as prices rose another 7 cents a gallon, reaching an average price of $2.714, according to surveyor AAA-The Auto Club Group.

The increase in southwest Georgia matched the statewide jump, according to AAA and GasBuddy.com, which also surveys thousands of retailers across the state and nation to provide up-to-the-minute prices. GasBuddy had the average price in the state Monday at $2.70, a 6.7-cent week-to-week increase, while AAA had it at $2.729, a 7.2-cent jump over the past seven days.

Both GasBuddy and AAA had the national average at $2.81 on Monday, 5 cents more than a week ago and the highest average price recorded in the past four years.

Albany’s jump was 12.2 cents higher than a month ago and a significant 45.2 cents higher than at this time in 2017, according to AAA. The most expensive averages in Georgia Monday were in Atlanta ($2.76), Brunswick ($2.75) and Athens ($2.75), while the least expensive averages were in Augusta-Aiken ($2.63), Warner Robins ($2.64) and Columbus ($2.64).

AAA also noted that that Georgia’s average price of $2.63 a gallon in April was a 36-cents-per-gallon increase from the state average a year ago.

“The national average is now at its highest point since November 2014, with average gas prices advancing in nearly every state,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said in a news release. “The only good news for motorists? We’re nearing a turning point in the U.S. — gas prices are perhaps just a dime away from hitting a peak for the short-term, pending OPEC’s meeting in June.

“With refineries well-positioned for the summer months, we look for some relief by mid-June, but do expect this summer to remain one of the priciest in the last few as average prices climb close to the psychological $3-per-gallon barrier.”

AAA noted that American oil exports have continued to climb. Crude oil exports surged to 2.3 million barrels per day, shattering the previous record of 2.175 million, according to the Energy Information Administration’s latest supply data. The main recipients of U.S. fuel exports were Central and South America, and firms in Europe and Asia. Despite U.S. oil production rates at 14 percent better than a year ago, inventory levels are down 10 percent.

“Although this was the most expensive April gas prices we’ve seen in years, fuel is still nearly a dollar less than what we paid in April 2014,” Mark Jenkins, a AAA spokesman, said. “The higher prices at the pump are mainly a result of a tightening oil market, which leaves us prone to price hikes based on geopolitical tensions and supply shortage concerns. Crude prices are about 33 percent more expensive than they were this time last year. Expensive oil means expensive gasoline.”