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Augusta gas prices jump 12 cents in a week amid U.S. surge

While U.S. stocks are falling, economic concerns are on the rise. (CNN, POOL, BEA.GOV)
Published: May. 9, 2022 at 3:15 PM EDT
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AUGUSTA, Ga. (WRDW/WAGT) - Augusta gas prices rose by about 12 cents in the past week as the national average nears record highs again – adding to inflation headaches.

According to AAA, the national average price for regular gasoline rose to about $4.32 Monday, a fraction of a penny shy of the all-time high set March 11. Nationally, gas prices have climbed 13 cents over the past week and stand well above the recent low of $4.07 a gallon.

Georgia prices aren’t far behind, rising from $3.72 a gallon a week ago to $3.84 Monday.

Prices are even higher in Augusta, averaging $3.87 per gallon Monday, up from $3.75 a week ago and $3.74 a month ago.

Across the Savannah River, the average price Monday is $4.02 per gallon in South Carolina, up from $3.85 a week ago and $3.77 a month ago. In Aiken and Edgefield counties, the average price is $4.01 per gallon, up from $3.87 a week ago and $3,82 a month ago.

Not helping the situation, U.S. petroleum inventories saw another weekly decline as summer driving season gets closer.

Nationally, diesel prices are also spiking, and they stand at another record of $5.54 a gallon Monday, up 22 cents in a week and 49 cents in a month, according to AAA.

Patrick De Haan, head of petroleum analysis at GasBuddy, said the increase in both gas and diesel prices has led to the largest price difference between the two in history.

As a result, the diesel increase will likely leading to further increases in the cost of goods.

“While motorists filling with gasoline have seen a slight rise in prices, diesel’s surge will be a double whammy as diesel prices will soon be passed along to retail channels, further pushing up the cost of goods,” De Haan said.

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