Georgia gas prices rise 6 cents
October 8, 2018--8:04 a.m.
Gas prices in Georgia rose 6 cents last week. Sunday's state average of $2.78 per gallon is 5 cents more than a month ago, and 25 cents more than this time last year.
"Motorists are paying higher-than-normal prices at the pump for this time of year," said Mark Jenkins, spokesman, AAA- The Auto Club Group. "Global supply and demand concerns continue to weigh on oil prices, which are dragging gas prices higher as a result. OPEC output remains low and U.S. sanctions are expected to limit exports of Iranian crude. All of this is happening while global demand keeps growing. These fundamentals could keep upward pressure on prices at the pump during a time of year when motorists normally begin to pay less."
Crude oil prices reach multi-year highs
Crude oil prices reached their highest point in nearly four years. Prices settled at $76.41 per barrel on Wednesday, the highest since November 21, 2014. Crude prices trended lower through the second half of last week, settling at $74.34/b.
Domestically, crude oil supply is at the highest point in a month, according to the latest report from the Energy Information Administration. U.S. oil production-rates remain at a record-setting 11.1 million barrels per day, for the second consecutive week.
Domestic gasoline supplies are healthy and production levels remain at an average point for this time of year. While weekly measured gasoline demand metrics are below summer levels - as is customary in the fall - the latest jobs report showing the lowest unemployment numbers in nearly 50 years suggests continued strength in gasoline demand, as Americans commute to work in large numbers.
Average gas prices by County
Floyd - $2.71
Bartow - $2.78
Gordon - $2.76
Chattooga - $2.73
Polk - $2.77