Gas prices have been on a rollercoaster ride this summer. After rising in the spring, then taking a nosedive last month, pump prices are climbing once again, only to setup for another plunge in the fall.

The average price for gasoline in Georgia rose 3 cents during the past week. The state average on Sunday was $2.18 per gallon. Motorists using the AAA Mobile App are finding prices between $1.99 and $2.40. Only 7 percent of Georgia gas stations have regular unleaded selling for less than $2 a gallon. So far this year, the price of regular unleaded averaged $2.20 in Georgia; 21 cents more than the same period last year.

“Consumers saw a sudden swing at the pump last week, as summer demand soars and crude inventories declined,” said Mark Jenkins, AAA – The Auto Club Group. “Gas prices should trend higher through the second half of the summer, and could challenge this year’s high of $2.29 before it’s all over. Fortunately, gas prices will drop after Labor Day, as demand weakens and refiners switch to winter-blend gasoline.”

Futures Prices Rise on Declining Crude/Gasoline Inventories

The price of crude oil rose to its highest daily settlement in 6 weeks (47.12 per barrel). The price-hike followed EIA's weekly supply report, showing a larger-than-expected decline in crude oil supplies. Crude slipped lower by the end of the week, settling at $45.77, after concerns emerged about OPEC’s rising production for the month of July. Petro-Logistics, a company that tracks OPEC’s supply and output, forecasts OPEC production to grow by 145,000 barrels per day. Moreover, the Energy Information Administration’s latest report showed that although crude oil inventories declined by 4.4 million bbl, when  compared with the five-year average, the surplus still stands at well over 75 million bbl.

High inventories have placed a spotlight on OPEC’s production growth, especially with its reduced output agreement in place through March 2018. All eyes will be on the OPEC and non-OPEC committee meeting on July 24 in St. Petersburg, Russia, where the status of the agreement will be discussed to see if the cartel takes additional steps to deepen the agreement’s impact on the market.

Regional Gas Prices

Georgia gas prices averaged $2.18 per gallon, on Sunday. The state average is 3 cents more than last week, and 17 cents more than this time last year. 

• The most expensive gas price averages in Georgia are in Atlanta ($2.25), Savannah ($2.16), and Athens ($2.12)
• The least expensive gas price averages in Georgia are in Augusta-Aiken ($2.03), Macon ($2.06), and Valdosta ($2.09)

Highs and Lows of 2017*

• 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.

Gas Price Tools for Reporters/Consumers

• GasPrices.AAA.com - Daily national, state, and metro gas price averages.
• AAA Mobile app - Free app that shows current prices at a gas station near you.
   

CURRENT AND PAST PRICE AVERAGES
(Regular Unleaded Gasoline)

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	Highest Price on Record
National	$2.283	$2.283	$2.253	$2.276	$2.170	$4.114 (7/17/2008)
Florida	$2.206	$2.206	$2.134	$2.227	$2.122	$4.079 (7/17/2008)
Georgia	$2.177	$2.175	$2.150	$2.132	$2.014	$4.164 (9/15/2008)
Tennessee	$2.052	$2.052	$2.024	$2.030	$1.937	$4.118 (9/15/2008)
Click here to view current gasoline price averages