Gas prices under $3 for a week

By SARAH FAY CAMPBELL
sarah@newnan.com
You didn’t really think gas prices would stay under $3, did you?
Prices were only under $3 for about a week. And they didn’t get very far under $3, either. Most stations only got as low as $2.99, though the Sam’s Club at Fischer Crossings was seen offering regular unleaded at $2.96 for its members.
In Newnan on Friday, prices were up to $3.09 at many of the stations known for offering the lowest price gas. Other stations were much higher, with a price of $3.26 seen just off Bullsboro Drive.
The increase wasn’t unexpected, but it might have come a bit sooner than some analysts had hoped.
“It’s happened six out of the last seven years — the national average has risen between Christmas Day and Jan. 15, and this year there’s no reason to believe now that this won’t happen again,” said Patrick DeHaan of gasbuddy.com .
“Why? Sometimes it’s simply hard to find a culprit,” DeHaan said in the GasBuddy Blog. “This year oil inventories are booming, gasoline inventories have risen sharply in the past few weeks, and the holiday retail season, which feeds the bulls, has been lackluster after all the financial ‘cliff’ talk,” he said.

“During a typical year end, refineries work down their inventories for tax purposes, putting upward pressure on retail gasoline prices,” DeHaan said.

But, so far, the Energy Information Administration weekly report hasn’t shown that happening.

“Regardless, motorists across the country will see rising prices in the days ahead,” DeHaan said.

There’s no doubt that 2012 will finish the year with the highest average gas price ever, he said.

“So far, this year’s average for a gallon of regular retail gasoline is $3.61,” said Jessica Brady of AAA. That’s 10 cents higher than the annual average in 2011.

“Price trends were also off from the norm this year, with gas prices peaking in April and hitting bottom during the first week of July,” Brady said. “Motorists could very likely see pump prices increase into mid January before starting to retreat again. This year, much like 2011, was a volatile year for both oil and gas prices, with some unexpected trends,” she said. “Next year could be very similar in terms of volatility and unconventional trends.”

Crude oil closed at $91.15 on the New York Mercantile Exchange Thursday.

The national average was $3.261 on Thursday, up from $3.219 a week ago, according to AAA.

The state average was $3.214 Thursday, up from $3.189 on Wednesday and $3.145 a week ago.



More Local

AAMCO locating new training center in Shenandoah

AAMCO, the world’s largest chain of transmission specialists and a leader in total car care, will open its new AAMCO University in Cow ... Read More


10 Things to Know for Today

our daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. ISRAEL-HAMAS WAR ENTERS FOURTH WEE ... Read More


Dollar Tree to buy Family Dollar for $8.5 billion

Dollar Tree Inc. announced Monday the company has entered into a definitive merger agreement under which Dollar Tree will acquire Family Dol ... Read More


Missing Teen Found Safe

The 13-year-old girl reported missing on July 23 was found by authorities over the weekend and returned to her home. Karianna Cabello was fo ... Read More


Armed robbery suspect sought by Peachtree City authorities

In the early morning hours of July 27, Peachtree City Police officers responded to a residence on Abrell Woods Court after a reported armed ... Read More

Property values increase, school system millage rate to stay same

The Coweta County School System is maintaining its millage rate of 18.59 for the 2014 property taxes. The county’s overall tax digest ... Read More