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Gas prices pounding pockets


  • By Joe Adgie
  • |
  • May. 17, 2022 - 4:07 PM

Gas prices pounding pockets

The Newnan Times-Herald

Gas prices are going from bad to worse, and it could get much worse before it gets better as Coweta County’s average price of gasoline passed $4 this week.

The average price of regular unleaded gasoline has climbed over 18 cents on the week. This week, it was $4.065, up from $3.880 last week and $3.766 two weeks ago. Three weeks ago, the average was $3.747. That average is one-tenth of a cent higher than the state average.

The statewide average went up over six cents in the last week. The statewide average for regular unleaded on Tuesday was $4.064, up from $3.996 on Monday and up from $3.901 last week.

Two weeks ago, the average was $3.720 and three weeks ago, it was $3.714.

One month ago, the statewide average was $3.709, and at this point one year ago, the average was $2.962.

In the metro-Atlanta region, gas prices have seen a similar boost in prices. The average price of regular unleaded in metro Atlanta was $4.074 on Tuesday, up from $3.912 last week and $3.755 two weeks ago. Three weeks ago, it was $3.749.

One month ago, the average for the metro region was $3.764, and at this point in 2021, the average was $3.024.

The average price of regular unleaded, nationally, has hit a new record, breaking a mark set in March, right after the Putin invasion of Ukraine started. The average on Tuesday was an astounding $4.523, up nearly 15 cents from $4.374 one week ago. Two weeks ago, it was $4.204, and three weeks ago, it was $4.131.

A month ago, the average sat at $4.080, and at this point one year ago, the average for regular unleaded was $3.045.

Georgia was one of the last three states in the U.S. to have its average not exceed $4 a gallon, alongside Kansas and Oklahoma. That changed on Tuesday, when the average exceeded $4.

Helping Georgia’s case is a move from the General Assembly and Gov. Brian Kemp to temporarily suspend state gas taxes. Gas taxes are suspended through May 31.

However, not helping Georgia’s — or anyone’s — case is the high price of crude oil. As of Tuesday morning, the price of West Texas Intermediate, the U.S. indicator of crude oil prices, approached $115 a barrel around 11 a.m.

That, more than anything else, has helped drive gas prices up, according to AAA.

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said Andrew Gross, AAA spokesperson, in a press release. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

On top of that, the annual switch to the summer blend of gasoline is happening now. According to AAA, the summer blend usually adds seven to 10 cents per gallon, and the switchover should be complete by early June.