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Summer gas prices are the highest in four years

July 9, 2018--5:44 a.m.

NEWS RELEASE

Gas prices in Georgia increased 3 cents since last week. So far, motorists are finding the most expensive summer gas prices in four years. Since June 1, Georgia gas prices averaged $2.75 per gallon - an increase of nearly 60 cents compared to the average price last summer. However, current pump prices remain 12 cents below this year's high, set during Memorial Day weekend.

Average gas prices by county, according to AAA

Floyd - $2.656

Gordon - $2.682

Bartow - $2.803

Chattooga - $2.623

Polk - $2.721

"Reduced global oil supplies have caused summer travelers to pay a higher price at the pump this year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Fortunately, domestic gasoline production remains strong, which should help prevent major swings in summer gas prices. However, pump prices will pop if a major hurricane threatens refineries along the Gulf Coast. Last year, Hurricane Harvey caused a 40 cent spike."

According to the latest EIA figures, demand is near record-levels, averaging 2 percent higher than last year. Fortunately, U.S. refineries are more than keeping pace. Gasoline production in the Gulf Coast is 12 percent better than this time last year. As a result, gasoline futures prices dropped 7 cents on the stock market last week. Oil prices remain near multi-year highs, yet held relatively steady through last week. The price of crude settled at $73.80 per barrel on Friday - 35 cents less than the week before.