Georgians are feeling pain at the pump as gas prices have sharply increased this week, leaving many drivers frustrated and concerned about their budgets.
According to AAA, the average price for a gallon of gas in Georgia is just over $4, about 40 cents below the record high set in 2022.
Prices have risen 10 cents since yesterday and more than 30 cents over the past week. Compared to this time last year, gas prices are up by more than a dollar per gallon.
“I’m like, it’s next week, is it going to be $5?” Charity Burnside said.
Since she was 17, Charity has been helping others. In 2014, she started a healthcare service for seniors, and expanded it after noticing many clients struggled to get rides to medical appointments.
“So there was a need, and I am here to fill the need,” Burnside said.
But now, each trip to the gas station is taking a toll.
Rising fuel costs are forcing Burnside to raise prices for her transportation service, hurting those on fixed incomes.
“They don’t even want to book a trip. They’ll rather just miss their doctor’s appointments,” Burnside said.
Analysts say the ongoing conflict in Iran, now in its second month, is contributing to the surge in prices.
“Retail gasoline prices lag oil prices, and so that three or four days spike in oil prices last week, gasoline prices are just now catching up,” Chris Edmonds, an energy analyst at Enercap Partners, said.
Edmonds says that as uncertainty in the Middle East keeps oil prices high, prices will rise as well, especially during the summer months, when gas demand often increases.
“So you combine tight supply or the perception of tight supply globally with the pressure of potentially increased demand, and you get the perfect storm for higher gas prices,” Edmonds said.
However, if the war were to end, Edmonds says the price of oil would drop quickly, while gas prices may take months to fully drop.
“Oil prices will come down fairly quickly is my guess. Gasoline prices will be a little more sticky,” Edmonds said, “I do think that you have a very good chance to see mid-three-dollar gasoline again by the middle to the end of June.”
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