Gas prices are continuing to soar at the pump as the statewide average jumped up another 15 cents in just a week. The weekly gas report released Monday morning shows that gas in Georgia is now $3.98 per gallon on average for regular unleaded gasoline. That’s 27 cents more than last month and $1.01 more than this time last year.
“Georgia statewide pump price average continues in an upward climb,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “Unfortunately, crude oil prices remain above $105 a barrel, causing gas prices to rise higher this week.”
Gainesville was listed as one of top three cities in the state having the cheapest gas at $3.94 on average. The coastal regions of Georgia tend to have some of the highest prices as those areas are over $4 on average.
Nationally gas prices are increasing, as well. The national average is now $4.47, which is a 16 cent jump this week.
According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.6 million barrels to 225 million barrels last week. At the close of last Wednesday’s formal trading session, WTI increased by $5.95 to settle at $105.71. The price of crude oil slid below $100 per barrel due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. However, crude prices reversed course because of growing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia, which lead to more market disruption and uncertainty.
