Gas pump prices continue to climb

ALBANY — The spring thaw for gas pump prices is continuing, and rebounding oil markets could soon drive the cost per gallon up a dime in what is shaping up to be a record year for gas consumption and miles driven, market experts say.

“The price of oil rose $4 last week, which could lead to a total increase of nearly 10 cents at the pump in the near future,” said Mark Jenkins, a spokesman for AAA — The Auto Club Group. “The national average is likely to inch higher in the coming months as refineries work to keep pace with growing gasoline demand; however, prices remain on target to provide drivers with some of the cheapest summertime gas prices in more than a decade.”

On Monday, AAA’s Daily Fuel Gauge Report had the national average at $2.136, up 2.2 cents in a week and 10.7 cents from last month. The average compared to last year, however, was 38.8 cents per gallon lower. GasBuddy.com had the U.S. average slightly higher at $2.14, up 2.3 cents in a week and 10.6 cents higher than its survey found last month. It pegged the year-to-year saving at 38.9 cents per gallon.

“The oil markets this past week shrugged off OPEC’s inability to reach an agreement for production freezes at the highly-touted meeting in Doha, Qatar. West Texas Intermediate crude futures responded to a brighter demand picture that perked prices up to $43.73 per barrel for Friday’s close,” said Will Speer, a Houston-based senior petroleum analyst for GasBuddy. “Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4 percent from last year and up 7.4 percent from 2014, according to their ‘product supplied’ demand indicator.

“Unsurprisingly, this has impacted retail gasoline prices, causing 43 of the 50 states to raise prices from a week ago. Low prices have ignited the early demand surge this year, and the surge is expected to continue into the summer, where demand hits its peak for the year.”

AAA officials said Monday that demand this year is outpacing 2015 for the year-to-date period, and that the year is shaping up to be one in which new records are set for fuel consumption and miles driven. Last week, AAA officials said their survey of travel intentions found 35 percent of Americans were planning trips of 50 miles or more from home over the next 12 months, with 69 percent planning road trips.

GasBuddy’s survey showed a dozen states still averaging below $2 per gallon, but Georgia wasn’t one of them. In Georgia, the Fuel Gauge Report had the average nearly flat from last week at $2.089, up 10.5 cents form last month but 30.6 cents under the average price Georgia motorists paid last year. GasBuddy had the Peach State average higher at $2.095, three-tenths of a cent higher in a week and an 11-cent increase from last month. A year ago, its survey said, Georgians were spending 29.9 cents more per gallon.

In the AAA report’s breakdown on eight Georgia metro areas, Albany was fourth-highest Monday with an average cost of $2.076, up 1.8 cents in a week and 9.5 cents higher than last month. Compared to last year, metro Albany motorists Monday were spending 28.5 cents less per gallon.

The cheapest average price was in Augusta, which continued to be the only metro area under $2 per gallon at $1.974. The most expensive fuel-ups were in Savannah, where the average was $2.117.