Gas prices on the rise in Georgia, future uncertain
A gas pump pumps fuel into a car at a Shell service station. (Photo by Justin Sullivan/Getty Images)
ATLANTA - Georgia drivers are seeing higher prices at the pump this week, with the average cost of regular unleaded gasoline rising to $2.95 per gallon, according to GasBuddy. That's 2.3 cents per gallon higher than a month ago and 31.7 cents per gallon lower than a year ago. The national average price of diesel has increased 16.1 cents in the last week and stands at $3.649 per gallon.
What we know:
The national average price of gasoline has risen 9.7 cents per gallon in the last week, averaging $3.18/g today. The national average is unchanged from a month ago and stands 23.3 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
Regional Breakdown
Atlanta: $2.95
Most expensive metros: Savannah ($3.03), Brunswick ($2.98), Athens ($2.97)
Least expensive metros: Augusta-Aiken ($2.89), Rome ($2.86), Catoosa-Dade-Walker ($2.84)
Fuel Price Snapshot (Regular Unleaded)
Historical gasoline prices in Atlanta and the national average going back ten years:
June 23, 2024: $3.27/g (U.S. Average: $3.41/g)
June 23, 2023: $3.27/g (U.S. Average: $3.57/g)
June 23, 2022: $4.48/g (U.S. Average: $4.94/g)
June 23, 2021: $2.90/g (U.S. Average: $3.08/g)
June 23, 2020: $1.94/g (U.S. Average: $2.15/g)
June 23, 2019: $2.48/g (U.S. Average: $2.65/g)
June 23, 2018: $2.74/g (U.S. Average: $2.84/g)
June 23, 2017: $2.15/g (U.S. Average: $2.27/g)
June 23, 2016: $2.21/g (U.S. Average: $2.31/g)
June 23, 2015: $2.81/g (U.S. Average: $2.79/g)
Neighboring areas and their current gas prices:
Chattanooga- $2.76/g, up 19.3 cents per gallon from last week's $2.57/g.
Tips to Save on Gas
- Compare local prices using GasBuddy
- Pay with cash when possible to avoid credit card surcharges
- Join fuel savings programs
- Drive conservatively and maintain your vehicle for better fuel economy
- Combine errands to reduce mileage
- Consider using public transportation as an alternative
- Check in car-pooling options
Dig deeper:
After hitting some of the lowest levels since 2021, gas prices are beginning to climb.
Gas prices surged in 2021 and 2022 primarily because of two reasons: pandemic-related supply shocks and Russia's invasion of Ukraine. Since then, gas prices have fallen, but they haven't returned to pre-pandemic levels and are about 9% higher than they were 6 years ago, according to NerdWallet.com.
It is typical for gas prices to rise at this time of year because of seasonal factors. A scheduled switch to summer-blend gasoline temporarily elevates prices during the summer months.
However, inflation, supply-chain disruptions and gas tax hikes can also factor into higher prices. But, ultimately, elevated oil prices are the primary culprit for an increase in the cost of gas.
Gas prices are closely tied to the cost of crude oil, which typically makes up more than half the price at the pump, according to the U.S. Energy Information Administration.
What they're saying:
Experts say that it is likely that oil commodity prices will continue to rise worldwide if the conflict between Israel and Iran continues. Iran has threatened to block the Strait of Hormus, which is an oil corridor for about 20% of global crude oil.
At this time, it is unknown if Iran is actually capable of seriously disrupting or blocking the strait, according to Reuters. Even if it is blocked, history has shown that severe disruptions to global oil supplies have tended to be short-lived.
Additionally, the current global oil market reportedly has oil in reserves. And, it is possible that Iran would not attempt to block the strait because doing so would disrupt its own oil exports. U.S. Secretary of State Mario Rubio said in a statement that closing the strait would be tantamount to "economic suicide" for Iran.
Big picture view:
At this time, it is unknown how much gas prices will rise in the coming days, weeks and months.
"With Israel and Iran trading attacks over the past week, oil prices have continued to climb—and gasoline prices are following suit, rising at a pace we haven’t seen since last summer," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Few pumps have been immune, with nearly all states seeing gas prices rise over the last week. Additionally, average diesel prices recorded their largest weekly jump since August 2023. Now, with the U.S. launching attacks on Iran, oil prices are likely to continue trending higher. That said, I do not expect the apocalyptic spikes being circulated by some so-called influencers on social media— many of which are wildly inaccurate. For now, motorists should anticipate a continued steady climb in prices, with the national average likely to increase another 7 to 15 cents this week, while diesel could rise by 10 to 20 cents. These forecasts remain fluid and could shift quickly depending on global developments, so we encourage motorists to stay tuned to GasBuddy for the latest updates and insights."
What you can do:
The best thing for drivers to do right now is to start practicing fuel-saving tips and alternative transportation suggestions above in case there is a need in the future.