Tenuous gas price drop continues in Georgia, Albany

ATLANTA — Even with the expected price bump that typically accompanies the switch to summer-grade gas looming, the price of gasoline in Albany and in the state of Georgia declined for the third week in a row, according to reports Monday from AAA-The Auto Group and GasBuddy.com.

The price for a gallon of regular gas in the metro Albany area dropped 3.3 cents from a week ago, to $2.314. That price is 11.4 cents less than a month ago but 15.2 cents more than last year at the same time.

GasBuddy had the price of gasoline in Georgia falling 1.7 cents a gallon in the past week, to $2.35 per gallon. AAA listed a 3-cent drop from the previous week, to $2.38.

Historically, maintenance season has caused gas prices to jump 15-75 cents from February to June. Last year, pump prices rose only 15 cents during that time because oil prices struggled to maintain strength. When gasoline jumped 60-70 cents in 2015 and ‘16, oil had risen $15-$20 per barrel.

“Energy prices are rising again, which should signal the end for the steady slump at the pump,” Mark Jenkins, a spokesman for AAA, said. “Wholesale gasoline prices jumped last week amid reports that refinery activity along the Gulf Coast is slowing down. This will make it more expensive for retailers to purchase gasoline, and that added expense will eventually be passed along to the consumer.

“Based on movements in the market last week, the short-term increase could amount to only a few cents, but motorists should expect a minimum total increase of 20-30 cents this spring.”

GasBuddy noted that prices nationwide have also dropped 7.3 cents per gallon during the last month and stand 22 cents per gallon higher than this day one year ago.

“Even as oil prices were in rally mode to end last week, gasoline prices continued lower with the national average moving lower for the third consecutive week,” Patrick DeHaan, head of petroleum analysis for GasBuddy, said. “But March typically comes in more like a lamb and goes out like a lion, and I certainly would expect more fireworks at the pump as temperatures begin to warm and gasoline demand begins to perk up.

“Many places have seen at least the first step toward summer gasoline already made. Unlike the transition from summer to winter gasoline that is much simpler, the transition to the more strict fuel coming into the regulated summer months is a bit trickier, especially considering the amount of work going into refineries ahead of the summer driving season, which is more like the running of the bulls where refineries try to stay ahead of the rise in demand. No matter what happens with oil, any curve ball to this work has a tendency to act as a spark in the combustion process, something will likely ignite gas prices, but it’s unpredictable when and to what degree.”

The most expensive gas price averages among Georgia’s 15 metro areas Monday were in Savannah ($2.42), Hinesville-Fort Stewart ($2.42), and Brunswick ($2.41). The least expensive prices were in Augusta-Aiken ($2.31), Dalton ($2.32), and Warner Robins ($2.32).

Despite the drop, gas prices for the month of February are at their highest in four years. Georgia gas prices declined during the past 23 consecutive days, for a total discount of 11 cents. However, motorists are paying 18 cents per gallon more than this time last year — the difference of $3 for an average-sized tank of gasoline.

Both GasBuddy and AAA survey thousands of gas stations and retailers throughout Georgia and the nation to determine up-to-the-minute prices.