Gas prices could reach $2.75 per gallon by summer

Adjust Comment Print

A decrease in gas prices for Georgia motorist might be short lived with rising oil prices on the horizon.

AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state. Brownsville is a couple cents higher at $2.71.

Pump prices rose in 35 states last week and fell in 15, much improved over the prior week when prices rose in every state. The same trend is seen across the country as prices are more than 46 cents higher than this time a year ago.

Prices could continue to climb after President Donald Trump decided this week to sanction Iran, the world's fifth largest oil producer.

The most expensive gas price averages in Georgia were in Brunswick at $2.75 per gallon, Atlanta at $2.75 and Savannah at $2.74. On Monday, WTI reached a new high at $70.84/bbl.

Iran navy base in Syria attacked, sources say
Iran has blamed Israel for an April 9 strike that killed seven of its personnel at a Syrian airbase and has vowed revenge. Israel has been accused of carrying out a series of deadly strikes on bases in Syria out of which Iranian forces operate.

Anchorage- $3.20/g, up 0.9 cents per gallon from last week's $3.19/g.

Higher gas prices are on track to cost Americans an extra $38 billion in 2018, wiping out about one-third of the direct benefit from the tax law, according to Morgan Stanley.

The most expensive gas price averages in Florida are in West Palm Beach-Boca Raton ($2.85), Crestview-Fort Walton Beach ($2.83) and Panama City ($2.82), AAA said. And U.S. stockpiles of crude are down.

The nation's top 10 states with the largest yearly increases are: IN (+66 cents), California (+66 cents), Utah (+63 cents), Arizona (+60 cents), Hawaii (+56 cents), Idaho (+55 cents), Nevada (+55 cents), IL (+52 cents), New Jersey (+51 cents) and MI (+51 cents).

Benchmark U.S. crude is up 74 cents, more than 1 percent, to $70.46 a barrel on the futures market in NY. This is a drop from the previous week's high of 2.331 million barrels per day, which was the highest weekly estimate on record from the Energy Information Administration. At 62 million barrels total, mid-Atlantic and Northeast inventories are at their highest levels in almost two months.