Gas prices are rising across the country. The national average price for a gallon of regular unleaded jumped 7 cents in the past week. Sunday's average of $2.39 is the highest since September 2015.
| Biggest Weekly Gas Price Hike |
| 1. Kentucky +15 cents 2. Michigan +12 cents 3. Florida +12 cents 4. Indiana +11 cents 5. Missouri +9 cents 9. Georgia +8 cents 15. Tennessee +7 cents |
Also in the past seven days, gas prices rose 12 cents in Florida, 8 cents in Georgia, and 7 cents in Tennessee. Florida's average price of $2.42 is the highest since August 2015. Georgia's average price of $2.28 (eight cents higher than a week ago) is the highest since October 2016. Tennessee's average of $2.14 is the highest since January 2017.
"This is the type of volatility we've come to expect this time of year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The major factors weighing on the market right now are supply and demand. People are beginning to drive more as the weather improves, causing an uptick in demand and a decline in gasoline inventories. Also, many refineries have begun producing and selling summer-blend fuels which are more expensive to produce. AAA forecasts the national average to peak around $2.70 this summer."
The crude oil market has largely recovered after spending nearly three weeks under $50 a barrel. Friday's daily settlement of $52.24/b is the highest since March 7. Primary factors contributing to increased crude oil prices include the seasonal uptick of driving demand, continued uncertainty around an extension of OPEC production cuts and increased U.S. production. Oil prices also received a temporary boost on Friday, following the U.S. launch of cruise missiles at a Syrian airfield base. Although Syria has little oil production, their location and alliances with other oil producing countries has led to speculation about how further geopolitical unrest may affect global oil supply. Traders will keep a close eye on political dynamics of the Middle East and any further discussions between OPEC and non-OPEC producers.
Fuel Fundamentals
(Based on weekly EIA data)
- U.S. crude inventories rose 0.28 percent to 535.5 million barrels
- Domestic crude production rose 0.57 percent to 9.2 million barrels per day
- Gasoline demand is .23 percent higher than this time last year
- Gasoline inventories declined nearly 8 percent compared to the week before
- Gasoline production declined more than 5 percent nationwide and at refineries along the Gulf Coast
- Refineries operated at a1-percent lower capacity than the week before
- Oil prices averaged $52.27 last week; nearly $2 more than the week before
Georgia gas prices rose 8 cents last week; the 9th-largest spike of any state in the country. Sunday's state average of $2.28 is the highest since October 2016.
- The most expensive metro markets in the state are Atlanta ($2.31), Savannah ($2.29), and Athens ($2.28)
- The least expensive metro markets in the state are Augusta/Aiken ($2.16), Columbus ($2.19), and Macon ($2.20)
