The price of regular unleaded in Coweta County has exceeded $3 as prices increase across the country due to surging crude oil prices.
On Tuesday, the average price of regular unleaded in Coweta County was $3.053, way up from $2.983 last week. Two weeks ago, the average price was $2.984 and three weeks ago, the average was $2.955.
Statewide, the average price has also topped $3 a gallon, with the state average of regular unleaded hitting $3.074 on Tuesday afternoon. Last week, the average in Georgia was $2.994, while two weeks ago, the average was $2.989 and $2.976 three weeks ago.
One month ago, the average price of gasoline was $2.976, and one year ago, as Americans were attempting to get back to work due to the COVID-19 pandemic, the average was $1.996.
Across metro Atlanta, the average price of regular unleaded sat at $3.072, up from $3.007 a week ago. Two weeks ago, the average was $3.008 and three weeks ago, the average sat at $2.982.
A month ago, the average across metro Atlanta was $2.993, and one year ago, as demand sat lower due to the COVID-19 pandemic, the average was $1.994.
The national average for regular unleaded, on Tuesday morning, is $3.279, up from $3.204 a week ago and $3.187 two weeks ago. Three weeks ago, the average was $3.177.
One month ago, the average nationwide was $3.175 and a year ago, during the pandemic, the average sat at $2.187.
The culprit for the spiking gas prices is the increasing price of crude oil, which broke the $80 barrier on Monday, and on Tuesday around 9:30 a.m., sat at $80.34, according to CNBC.
“The key driver for this recent rise in the price of gas is crude oil, which typically accounts for 50 and 60 percent of the price at the pump,” said Andrew Gross, AAA spokesperson, in a press release. “And last week’s decision by OPEC and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices.”
That decision made by OPEC and its partners, including Russia, went against an increase of 800,000 barrels per day in November. Instead, the organization agreed on an increase of 400,000 barrels per day.