Automobile association reports gas prices nationwide have climbe - CBS46 News

Automobile association reports gas prices nationwide have climbed since this time in 2016

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Source: WGCL Source: WGCL
ATLANTA (CBS46) -

The American Automobile Association (AAA) reports that gas prices have climbed across the country since this time last year.

Georgia gas prices averaged $2.23 on Sunday, after rising 5 cents in the past week.

  • The most expensive gas price averages in Georgia are in Atlanta ($2.29), Savannah ($2.22), and Athens ($2.20)
  • The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.12), Macon ($2.14), and Columbus ($2.16)

"Motorists are now finding gas prices that are about 25 cents more expensive than this time last year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Although gasoline demand is keeping pace with last year's levels, oil prices are making the biggest difference in prices at the pump. Steady declines in crude supplies have pushed oil prices about $10 per barrel higher than last year, making it more expensive to produce gasoline."

Last week's EIA report showed record-high gasoline demand. In addition, crude supplies declined for the fifth consecutive week. The five-week trend is giving greater confidence to investors. However, their excitement is tempered as total crude storage 70 million barrels above the 5-year average.

This, combined with continuously high domestic crude oil output, it is still clear that the glut of crude will not disappear easily. Because of this, oil and gasoline prices are still forecast to retreat after the summer driving season draws to a close. 

Crude oil prices surpassed $50 per barrel last week for the first time since May 24. During that time, gas prices were at about the same level as they are now. Although pump prices could see additional upward movement in the coming weeks, any significant gains would not come without further growth in oil prices, a hurricane in the Gulf of Mexico or some sort of interruption in fuel supply. 

  • The highest national average price for gasoline, so far this year was $2.42 on April 21; the lowest was $2.23 on July 5.
  • The highest average price in Georgia, so far this year, was $2.29 on April 14; the lowest was $2.08 on July 5.

 See chart below:

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

Highest Price on Record

National

$2.346

$2.346

$2.313

$2.242

$2.124

$4.114 (7/17/2008)

Florida

$2.286

$2.288

$2.291

$2.144

$2.053

$4.079 (7/17/2008)

Tampa

$2.247

$2.253

$2.287

$2.017

$1.954

$4.009 (7/16/2008)

Georgia

$2.233

$2.231

$2.180

$2.089

$1.978

$4.164 (9/15/2008)

Tennessee

$2.142

$2.139

$2.083

$1.997

$1.885

$4.118 (9/15/2008)

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