Georgia Gas Prices Poised for 3-5 Cent Hike
Tuesday, November 28th, 2017
Look for a bounce back week for gas prices, which have declined for the past two weeks. Prices at the pump should increase this week, as a high stakes OPEC meeting draws near.
Georgia gas prices averaged $2.36 on Sunday. The state average is 3 cents less than last week, yet remains 38 cents more than this time last year.
The most expensive gas price averages in Georgia are in Savannah ($2.40), Brunswick ($2.39), and Atlanta ($2.39)
The least expensive gas price averages in Georgia are in Warner robins ($2.26), Dalton ($2.26), and Catoosa-Dade-Walker ($2.28)
OPEC MEETING'S IMPLICATIONS ON GAS PRICES
Representatives of OPEC, Russia, and other oil producing countries will meet on Thursday to decide whether to extend an agreement to reduce oil production levels by 1.8 million barrels per day. The current agreement expires at the end of Q1 2018. Preliminary reports are that the agreement could extend through the end of 2018. News of the potential extension helped crude oil reach $59.95 per barrel - the highest daily settlement since June 2015. WTI rose nearly $4 last week; an increase that would often result in a 10 cent increase at the pump.
"When oil prices rise, it becomes more expensive to produce gasoline," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Prices at the pump are poised for an increase of 3-5 cents, based on current fundamentals. However, the oil and gasoline markets are likely to be volatile this week, and prices could face additional upward pressure as we creep closer to the OPEC meeting."
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.
Florida: the highest average price in was $2.73 on September 9; the lowest was $2.13 on July 17.
Georgia: the highest average price was $2.76 on September 12; the lowest was $2.08 on July 5.
Tennessee: the highest average price was $2.60 on September 10; the lowest was $1.99 on July 5.