COVINGTON, Ga. — The average price for a gallon of unleaded regular gas in Newton County stood at $4.00 today as uncertainty in global markets about the effect of European actions against Russian gas companies continued.
Lowest prices in Newton County were reported on the west side along Salem Road at Murphy Oil, $3.78; Shell on Ga. Hwy. 20 at $3.86, and Kroger on Salem Road, $3.87, according to gasbuddy.com.
In the city of Covington, numerous stations along U.S. Hwy. 278 were reported at $3.89, the website reported.
Average gasoline prices in metro Atlanta were unchanged in the last week, averaging $3.96 per gallon today, according to GasBuddy's survey of 2,134 stations in Atlanta.
Current metro Atlanta averages were $3.997 for regular unleaded, $4.324 for mid-grade, $4.685 for premium, and $5.196 for diesel.
Prices in Atlanta were 21.6 cents per gallon higher than a month ago and stand 97.4 cents per gallon higher than a year ago. The price of diesel has risen 3.0 cents nationally in the past week and stands at $5.55 per gallon.
Georgia gas prices increased at the pump compared to a week ago. The state's motorists are now paying an average price of $3.98 per gallon for regular unleaded gasoline, according to AAA-The Auto Club Group.
Monday's state average is 15 cents more than a week ago, 27 cents more than last month and $1.01 more than this time last year.
It now costs motorists $59.70 to fill a 15-gallon tank of regular gasoline, according to AAA-The Auto Club Group.
Patrick De Haan, head of petroleum analysis at GasBuddy. said, "New records continued to be set on a near daily basis as the national average edges even closer to $4.50 per gallon.
"Prices later this week could be closer to $5 per gallon than $4, as demand continues to edge higher and inventories of both gasoline and diesel continue to decline, temperatures warm and motorists get back outside and we near the Memorial Day weekend, the start of the summer driving season.
"While the increases may start to slow in the days ahead as pump prices catch up to oil, there isn't much reason to be optimistic that we'll see a plunge any time soon."
AAA spokeswoman Montrae Waiters said, “Georgia statewide pump price average continues an upward climb
"Unfortunately, crude oil prices remain above $105 a barrel, causing gas prices to rise higher this week.”
Since last Monday, the national average for a gallon of regular gasoline has increased by 16 cents to $4.47. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.6 million barrels to 225 million barrels last week.
At the close of last Wednesday’s formal trading session, WTI increased by $5.95 to settle at $105.71. The price of crude oil slid below $100 per barrel due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place.
However, crude prices reversed course because of growing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia, which lead to more market disruption and uncertainty, AAA reported.