Gasoline prices keep rising in Augusta and across the country

An employee for MAC Federal Credit Union pumps free gas for a community member
An employee for MAC Federal Credit Union pumps free gas for a community member(AKNS)
Published: May. 23, 2022 at 5:16 PM EDT
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AUGUSTA, Ga. (WRDW/WAGT) - Georgia’s average gasoline price is up 14 cents from a week ago, a steeper increase than the national rate.

The average price Monday in Georgia is $4.14 per gallon, up from $4 a week ago. In Augusta, the average price Monday is $4.13, up from $4.01 a week ago.

In South Carolina, the average price Monday is $4.30 per gallon, up from $4.20 a week ago. In Aiken and Edgefield counties, the average is $4.28, up from $4.19 a week ago.

Nationally, gas prices marked their fifth straight week of increases, reaching an average of $4.60 a gallon Monday.

On the other hand, GasBuddy reports the national average price of diesel fell by 1.7 cents to $5.53 per gallon.

“Gasoline prices surged over the last week to new record highs but have finally started to slow their rise with diesel also finally cooling off,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Drivers in Alaska saw the highest week-to-week price increase of 31 cents, according to AAA.

Although all states are averaging over $4 per gallon, AAA reports Oklahoma is the nation’s least-expensive market with the average cost of fuel sitting at $4.04.

“While the coast isn’t clear yet, and prices will be at their highest Memorial Day level ever, I’m hopeful that we could avoid a dreaded national average of $5 per gallon this year,” De Haan said. “Whether or not we’re able to depends on Americans cutting demand in the face of sky-high prices.”

Russia’s invasion of Ukraine in late February sent prices surging as investors braced for oil supply disruptions caused by the war and embargoes on Russian energy.

The Biden administration responded by unleashing a record amount of oil from U.S. emergency oil stockpiles, announcing March 31 that 1 million barrels a day would be released for six months.

The ongoing effort helped cool oil and gasoline prices off for a bit, but the relief was fleeting and relatively minor.

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