Motorists could see another sharp jump at the gas pump this week

ALBANY — You might want to go ahead and fill up your gas tank early this week.

Officials with AAA — The Auto Group say they expect the average cost of a gallon of gas in the United States to jump as much as 8-10 cents this week because of high demand and rebounding oil prices.

“Gas prices could climb another 8 to 10 cents this week in response to the recent hike in oil prices,” AAA spokesman Mark Jenkins said. “So far this year, gas prices have been the lowest in seven years, causing Americans to drive more than ever before.

“This increased fuel demand has pushed oil prices higher, but this upward pressure is in line with seasonal trends and AAA believes gas prices could peak in June like they did last year.”

Market analysts with GasBuddy.com also expect higher prices for the same reasons, though they say the pump price jump may not be quite as sharp this week as AAA is suggesting.

“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating,” said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy. “While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season. Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer, with some of the lowest summer prices seen in 10 years or so.

“Gasoline prices in all 50 states saw a rise over the last week — an average of over 8 cents. While we may not see such a sharp rise this week, we aren’t out of the woods just yet. Gasoline prices may continue inching up until Memorial Day — a major test if refiners are well-prepared for the summer driving season.”

GasBuddy, which surveys thousands of gas stations nationwide, had the average national cost of gas at $2.222 on Monday, up 8.1 cents in a week and 15.9 cents higher than last month. That was slightly higher than AAA’s Daily Fuel Gauge Report, also based on an extensive national survey, that pegged the average at $2.217, also up 8.1 cents in a week and 15.8 cents from April. The year-to-year average Monday was 39.3 cents lower on GasBuddy’s survey and 39 cents on AAA’s.

Monday was the 21st day of the last 24 that the Daily Fuel Gauge Report found a day-to-day uptick at U.S. gas pumps.

Georgia’s average was better at $2.167, up 8 cents in a week and 12.9 cents more than a month ago, according to GasBuddy’s survey.The Daily Fuel Gauge Report set the state average at $2.166, up 7.7 cents in a week and 13.1 cents higher than last month.

Year-to-year, both surveys found Georgia motorists were saving 32.5 cents per gallon compared to 2015.

Metro Albany drivers were buying gas Monday at below the state and national levels. AAA’s survey of eight metro areas in Georgia found Albany’s average at $2.138 on Monday, up 6.2 cents from the previous Monday and 16.4 cents per gallon higher than last month. Last year, metro Albany motorists were paying 31.2 cents more per gallon.

Among the eight metro areas, according to AAA, Albany’s average was fourth-highest. The cheapest average cost Monday was in metro Athens at $2.098, while the most expensive was in metro Atlanta at $2.194.

The quick increase is being fueled, in part, by the cost of crude oil, which, AAA officials noted, gained about $10 a barrel over the month of April. AAA analysts say that had some market watchers believing crude oil will move toward $50 a barrel, while others think it will follow the 2015 trend and sink below $30 a barrel again.