Georgia drivers are currently facing higher prices at the pump this week, with the average cost of regular unleaded gasoline climbing to $2.95 per gallon, as reported by GasBuddy. This marks a modest increase of 2.3 cents per gallon compared to last month, although it remains 31.7 cents per gallon lower than this time last year.
In contrast, the national average price for diesel has seen a more substantial increase of 16.1 cents over the past week, standing at $3.649 per gallon. On a broader scale, the national average for gasoline has also risen by 9.7 cents per gallon in the last week, bringing it to $3.18 per gallon today. This national average remains unchanged from a month ago but is 23.3 cents lower than prices a year ago, according to data compiled by GasBuddy, which gathers over 11 million weekly price reports from more than 150,000 gas stations nationwide.
A regional breakdown reveals that Atlanta’s gas prices are currently at $2.95. The most expensive metropolitan areas in the state include Savannah ($3.03), Brunswick ($2.98), and Athens ($2.97). On the other end of the spectrum, the least expensive prices can be found in Augusta-Aiken ($2.89), Rome ($2.86), and Catoosa-Dade-Walker ($2.84).
A historical snapshot of gasoline prices in Atlanta alongside the national average highlights the recent fluctuations. For instance, on June 23, 2024, gas was at $3.27 per gallon in Atlanta (U.S. Average: $3.41/g), while just a year prior, on June 23, 2023, the price remained the same yet was higher than the U.S. average of $3.57/g. Looking back further, in June 2022, prices had skyrocketed to $4.48 per gallon in Atlanta (U.S. Average: $4.94/g), revealing a volatile pricing history over the past several years.
As we consider neighboring areas, Chattanooga has also seen a rise in gas prices, now averaging $2.76 per gallon, reflecting an increase of 19.3 cents from last week’s average of $2.57.
For those looking to save on fuel costs during this climbing price trend, there are several practical tips consumers can employ. Comparing local prices through platforms like GasBuddy allows drivers to find the best deals. Additionally, paying with cash when possible can help avoid credit card surcharges. Joining fuel savings programs, driving conservatively, and maintaining vehicles for optimal fuel economy are also useful strategies.
Furthermore, combining errands to reduce mileage, considering public transportation, or exploring carpooling options can also contribute to cost savings.
As gas prices are hitting some of the lowest levels since 2021, they are beginning to climb once again due to a combination of pandemic-related supply shocks and geopolitical tensions such as Russia’s invasion of Ukraine. While gas prices have generally fallen since these spikes, they have not returned to pre-pandemic levels and are approximately 9% higher than in 2017, according to insights from NerdWallet.com.
This time of year often sees gas prices rise due to seasonal factors, particularly with the scheduled switch to summer-blend gasoline, which temporarily elevates prices in the summer months. Factors such as inflation, supply-chain disruptions, and gas tax hikes also play roles in pricing. However, the primary driver of gas prices remains the cost of crude oil, which typically constitutes more than half of what consumers pay at the pump, as per the U.S. Energy Information Administration’s findings.
Experts indicate that the ongoing conflict between Israel and Iran may lead to sustained increases in oil commodity prices globally. With Iran threatening to block the Strait of Hormuz, a significant oil corridor for about 20% of global crude oil, uncertainty looms over the potential for disruption in oil supplies. Industry analysts remain divided on Iran’s capability to enact such a blockade, with history suggesting that significant interruptions are often short-lived. Furthermore, the current global oil market reportedly possesses sufficient reserves, undermining the likelihood of a prolonged crisis.
U.S. Secretary of State Mario Rubio elaborated that closing the strait would be economically detrimental for Iran, characterizing it as ‘economic suicide.’
In conclusion, the outlook for gas prices remains uncertain as they continue their upward trend amidst various global factors. Patrick De Haan, head of petroleum analysis at GasBuddy, stated, ‘With Israel and Iran trading attacks over the past week, oil prices have continued to climb—and gasoline prices are following suit.’ This situation, according to De Haan, has brought about the most significant increases since last summer, with nearly all states witnessing rising prices. Motorists should prepare for the possibility of a steady climb in fuel costs, with projections indicating that the national average could rise another 7 to 15 cents this week, along with diesel prices potentially increasing by 10 to 20 cents. As the situation unfolds, consumers are encouraged to stay informed through resources like GasBuddy for timely updates on gas pricing.
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