Gas pump prices up sharply in a week

ALBANY — Gas pump prices are in the sharpest increase in seven months and likely will be up by at least another quarter per gallon by Memorial Day.

AAA’s Daily Fuel Gauge Report had the national average price of a gallon of gasoline at $1.935, up 12.3 cents in a week and up 23.8 cents from a week ago. That average is 50 cents below last year. GasBuddy had the U.S. average at $1.941 Monday, up 12.4 cents in a week and 24.4 cents in a month, while also 49.7 cents below 2015.

“Gas prices continue on an upward trend, which is normal for this time of year,” said Mark Jenkins, AAA — The Auto Club Group spokesman. “More motorists are hitting the road for spring vacations, increasing the demand for gasoline, while the supply has begun falling due to refinery maintenance season.

“These factors, coupled with rising oil prices, have led to the highest weekly price increase since last August. Prices will likely rise another 20-30 cents by Memorial Day weekend, but fortunately should remain well below year-ago levels.”

A market analyst with GasBuddy agreed that the upswing shouldn’t bring summer travel-season prices to the levels of previous years.

“The cheapest gas prices of the year are now solidly behind us as the national average will soon again hit $2,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “The current upward trend is an unfortunate one that we witness every year, but the sudden jolt this time around has been enhanced by a 45 percent jump in the price of crude oil in the last month.

“The large jump in crude oil prices comes amidst record oil inventories, yet it’s the mere threat that oil supply could be slashed from OPEC and non-OPEC countries at the same time oil demand is growing that is driving prices higher. And while oil inventories sound staggering at over 500 million barrels, that number represents 26 days of U.S. oil consumption, a rise of three days versus inventories a year ago.”

Gas prices normally peak in early to mid-June.

“At the end of the day, we expect this rally in gasoline prices to run for another month or two before stalling out. Perhaps the best news? Motorists still could see the cheapest average summer gasoline prices in over a decade,” DeHaan said.

Meanwhile, Georgia motorists were faring better than U.S. drivers in general, paying an average $1.879 (AAA), up 14.8 cents in a week and 22.8 cents more than last month. Year-to-year, the state’s drivers were paying 39.9 cents less per gallon than last year.

Among the eight metro areas in Georgia included in the Daily Fuel Gauge Report, Albany was third-highest at $1.87, trailing only metro Atlanta at $1.905 and Athens at $1.878. Metro Augusta had the lowest average in the state at $1.797. Metro Albany’s average was up 17.7 cents in a week and 31 cents since last month. Last year, Albany motorists were paying 38 cents more per gallon.