Gas prices could tick upward this week
November 6, 2017--6:00 a.m.
Motorists may see higher gas prices this week after oil and wholesale gasoline prices made solid gains last week.
Georgia gas prices continued to tick lower on Sunday. The state average declined for the 54th consecutive day, for a total discount of 42 cents. The average price of gasoline in Georgia is $2.35 - 1-cent less than a week ago, yet 11 cents more than this time last year.
GASOLINE DEMAND IN OCTOBER FINISHES AT AN 11-YEAR HIGH
Gasoline demand hit 9.45 million b/d, which is roughly 150,000 b/d more week-on-week and the highest end-October figure since 2006, according to EIA's report for the week ending on October 27.
Gasoline storage levels dropped by 4 million barrels, signaling that domestic demand remains strong as the national settles into autumn.
Gasoline production moved higher to 10.175 million barrels per day, reflecting a production level that's close to where it was prior to the highly active hurricane season.
Oil prices climbed nearly $4 during the past two weeks. WTI reached $55.64/b on Friday - the highest daily settlement since July 2015
The price of gasoline on the NYMEX rose 15 cents in the last 11 sessions
Wholesale gasoline prices rose an average of 7 cents in the southeastern U.S.
"Drivers are seeing pump prices increase in some markets, due to higher demand and falling supply levels," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "It would not be a surprise to see gas prices rise 5-10 cents this week since wholesale prices rose an average of 7 cents last week. However, long-term fall gasoline demand is expected to drop in November, which should prevent any significant spike in gas prices before the end of the year."
Highs and Lows of 2017
National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
Georgia: the highest average price was $2.76 on September 12. The lowest was $2.08 on July 5.
Local lowest gas prices (source: gasbuddy.com)
Rome - $2.25
Calhoun - $2.17
Cartersville - $2.23
Cedartown - $2.30
Summerville - $2.24