Gas prices again on the rise

Monday, Jan. 9, 2012 2:58 PM
Last updated Tuesday, Jan. 10, 2012 1:56 AM
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After a holiday dip, gasoline prices are again on the rise.

In the first full week of 2012, the average price for a gallon of regular unleaded gas in Georgia jumped 14 cents to $3.35. The national average rose to $3.37.  JACKIE RICCIARDI/STAFF
JACKIE RICCIARDI/STAFF
In the first full week of 2012, the average price for a gallon of regular unleaded gas in Georgia jumped 14 cents to $3.35. The national average rose to $3.37.

In the first full week of 2012, the national average rose 10 cents, to $3.37 for a gallon of regular unleaded.

During that same period, the average price in Georgia jumped 14 cents to $3.35, and South Carolina’s price climbed 13 cents to $3.22.

“We’re probably going to see oil prices inch up again this week,” said AAA spokeswoman Jessica Brady.

At Christmas, prices had dropped nearly 20 cents from the previous month and were expected to continue falling throughout the holiday travel season.

Brady said consumers are already starting to voice concerns that prices will shoot to $4 a gallon by spring or summer, but she says it’s hard to predict prices three or more months in advance.

“It’s not too atypical to see prices rise the first week of the new year,” Brady said.

Positive employment numbers coupled with the concerns that Iran will block oil exports out of the Middle East contributed to oil selling at $101.56 a barrel Friday on the New York Mercantile Exchange. That’s $2.73 more than the previous week.

One factor that could contribute to a future decrease in prices is the speculation that Europe will enter a recession that could stifle oil demand.

According to the Department of Energy, U.S. gasoline demand is on the decline, with inventories rising by 2.5 million barrels to 220.0 million the last week of December.

“I think in the short term we’re probably going to see oil prices inch up a bit this week, and depending on where oil trades for the remainder of the week will determine whether prices continue to increase or decrease,” Brady said.

PRICES FOR UNLEADED

CURRENT LAST WEEK LAST MONTH LAST YEAR

Georgia $3.345 $3.206 $3.221 $3.007

S. Carolina $3.220 $3.091 $3.087 $2.925

U.S. $3.374 $3.279 $3.285 $3.088

Source: AAA

OIL PRICES

Oil prices declined Monday as concerns faded over Iran’s ability to restrict world oil supplies. Here’s how energy contracts traded.

ON THE NEW YORK MERCANTILE EXCHANGE:

• Benchmark crude fell 25 cents to $101.31 per barrel.

• Gasoline rose less than a penny to $2.7590 a gallon.

• Heating oil rose less than a cent to finish at $3.0730 a gallon.

• Natural gas fell 5 cents to $3.0110 per 1,000 cubic feet.

ON THE ICE FUTURES EXCHANGE IN LONDON:

• Brent crude fell 61 cents to finish the day at $112.45 per barrel.

– Associated Press

Comments (15) Add comment
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kmb413
533
Points
kmb413 01/09/12 - 04:54 pm
0
0
I really believe that they

I really believe that they know when I am getting paid. It will be .20 less the day before payday.

justthefacts
21414
Points
justthefacts 01/09/12 - 04:59 pm
0
0
Anybody else long for the

Anybody else long for the good days when we could blame high gas prices on Dick Cheney?

Chillen
17
Points
Chillen 01/09/12 - 06:27 pm
0
0
oo-obama! oo-obama!

oo-obama! oo-obama! oo-obama!

Isn't "change" great?

omnomnom
3964
Points
omnomnom 01/09/12 - 07:15 pm
0
0
profits for no appreciable

profits for no appreciable service or contribution to society! profits for no appreciable service or contribution to society! profits for no appreciable service or contribution to society! Aren't "speculators" great?

burninater
9436
Points
burninater 01/09/12 - 08:29 pm
0
0
And to think just last month

And to think just last month you were praising Obama when gas prices were falling, Chillen! Hard to keep up with a puppetmaster that has control over All that Is ....

copperhead
1035
Points
copperhead 01/09/12 - 08:55 pm
0
0
Anyone think the new consumer

Anyone think the new consumer tzar has anything to do with the price and availability of consumer goods?

burninater
9436
Points
burninater 01/09/12 - 09:01 pm
0
0
Um, no.

Um, no.

copperhead
1035
Points
copperhead 01/10/12 - 04:07 am
0
0
Well burninator,what do you

Well burninator,what do you think he does and why was it an emergency to get him installed? Timing is EVERYTHING!

david jennings
580
Points
david jennings 01/10/12 - 07:27 am
0
0
No surprise here. Is there

No surprise here. Is there really anyone that actually believed gasoline was going to stay below $3.00 a gallon for very long? 2012, Ahh, eating Rainbow Stew with a silver spoon underneath a sky of blue, (Merle)

augusta citizen
9137
Points
augusta citizen 01/10/12 - 07:35 am
0
0
burninater said, "And to

burninater said, "And to think just last month you were praising Obama when gas prices were falling, Chillen!" What?!? Chillen was praising Obama? Don't think so burn, almost fell off my chair at that one! haha

mastersfan
7
Points
mastersfan 01/10/12 - 08:41 am
0
0
When are we going to hear any

When are we going to hear any talk about gas prices from the candidates running for President? If the gas was caped at $2.00 a gallon we would be out of the recession. But then the GAS companies would not make as much Oh My!!!!!!

augusta citizen
9137
Points
augusta citizen 01/10/12 - 09:43 am
0
0
david jennings, Rainbow Stew

david jennings, Rainbow Stew must be what the sheeple have for dinner, LOL!

stillamazed
1488
Points
stillamazed 01/10/12 - 10:01 am
0
0
Everything is rising except

Everything is rising except pay checks......and you are right mastersfan! You know the oil companies have to make their millions in profit. I am curious to see if groceries go up again, they went up the last time gas was really high and they never came down, I am sure this will be an excuse to go up again. I have not had a pay raise in two years and it looks like next year I "may" get 0.5%........WOW thank you President Obama!

kmb413
533
Points
kmb413 01/10/12 - 10:50 am
0
0
Why would anyone praise

Why would anyone praise Obama? Isn't he the one that wanted gas prices over $5 a gallon?

allhans
23562
Points
allhans 01/10/12 - 12:10 pm
0
0
Drill, baby, drill. The 5

Drill, baby, drill. The 5 years wait the Democrats used as excuse not to drill would now be two years had they listened to the people back then.

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