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High gas prices could be the new normal
24 January 2018, 07:48 | Rex Hubbard
January gas prices are most expensive in four years. Provided
Great Lakes refinery issues continue to flare up with no warning, and gas prices there may continue to be more volatile in coming weeks.
So far this year, gas prices in Georgia have already climbed ten cents.
American motorists are paying a little more to fill up, with prices increasing in 41 states during the week, and the national average now at $2.54.
Gas prices increased for 41 states with Florida seeing the largest jump at the pump with a 9-cent increase, AAA said, while the federal Energy Information Administration reported that demand for gasoline decreased only slightly.
The least expensive gas price averages in Georgia were in Warner Robins at $2.38 per gallon, Catoosa-Dade-Walker at $2.39 and Columbus at $2.39.
The national average price for a gallon of gas is $2.54, which is more expensive than one year ago.
During the past week, the state average rose 2 cents. Fortunately, prices at the pump plateaued late last week, after the momentum for oil stalled out. Oil prices slid after EIA's latest petroleum report underscored that domestic crude production in the US continues to grow. The app and website have the most accurate and real-time fuel prices at over 140,000 unique stations in the United States, Canada, and Australia and is the most comprehensive money-saving companion while on the road. During the next few months, refineries will reduce output as they conduct maintenance on their equipment and switch to summer-blend gasoline. Over the past week USA crude production increased by 258,000 b/d to 9.750 million b/d.
Looking forward, the EIA expects domestic production will reach 10.8 million b/d in 2019 and surpass 11 million b/d in November 2019.
By a very slim margin, gas prices in the Lima area are the lowest in the region for the second straight week.
Saudi Arabia has produced as much as 10.5 million barrels per day, but that rate has dropped below 10 million, due to the recent OPEC production cut agreement.
Weekly sports headlines from Jackson Progress Argus.
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