Gas prices are back on the rise, now that the oil market is regaining strength. Gas prices in Georgia rose 4 cents last week, after declining a total of 76 cents in 90 days. The average price in Georgia was $2.08 per gallon on Sunday.
Regardless of the increase, Georgia drivers are still paying 34 cents per gallon less than this time last year, and 76 cents less than when prices hit their 2018 peak, around Memorial Day.
Most expensive gas price averages: Hinesville-Fort Stewart ($2.19), Savannah ($2.13), Brunswick ($2.13)
Least expensive gas price averages: Catoosa-Dade-Walker ($1.96), Rome ($1.96), Warner Robins ($1.96)
After plunging from $75/b to $43/b at the end of last year, crude prices are back above $50 per barrel; which raises the cost of producing gasoline.
"The new year has breathed new life back into the oil market," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Crude prices have slowly climbed since the beginning of the year, but remain well below the highs seen in 2018. The biggest increases came last week, after Saudi leaders pledged to do whatever it takes to rebalance the market. The recent shift in oil prices isn't enough to cause sticker shock at the pump, but motorists could see an increase of anywhere from 5-10 cents as a result."
The daily price for WTI crude is up more than $6 since January 1. After trading above $53 per barrel last week, WTI settled at $51.59/b Friday on the NYMEX.