Gas prices increased last week in most markets due to reductions in domestic
supply and the oil market’s response to President Donald Trump’s decision to back out of the Iran Nuclear Deal, reports AAA, The Auto Club Group.
The national average of $2.87 on Sunday is 53 cents more than this time last year. Prices at the pump have jumped six cents in the past week.
Gas prices have not been this expensive in nearly four years (since November 2014). On average, Americans are spending $6 more to fill up their vehicles than a year ago.
Georgia’s gas prices held relatively steady during the past week. The average price in the Peach State is now $2.72, the highest since September 2017.
Mark Jenkins, AAA spokesman, states, “Gas prices are their highest in years, yet that doesn’t seem to be slowing motorists down. The latest round of figures from the EIA shows that gasoline demand is significantly higher than this time last year. A strong economy is helping to fuel motorists along, as we approach the most traveled Memorial Day in more than a dozen years. Those people affected by the higher prices at the pump are likely cutting back on other expenses like shopping and dining out.”
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