Gas prices are climbing nationwide, with the average cost of a gallon now hitting $4.50 — the highest level since July 17, 2022, according to GasBuddy.
The increase comes as prices have risen in all 50 states, with some of the sharpest jumps happening over the past week.
In Georgia, drivers are still paying less than the national average, with prices around $3.93 statewide and closer to $4 in metro Atlanta. Even so, prices locally have surged more than 24 cents in the past week and are up more than a dollar compared to this time last year.
Experts say the biggest factor driving prices is the cost of crude oil, which makes up more than half of what consumers pay at the pump. Refining, transportation, and taxes also contribute to the overall price.
Global events are also playing a major role. Ongoing tensions tied to the conflict involving Iran and uncertainty surrounding the Strait of Hormuz — a key route for oil shipments — have disrupted supply and pushed prices higher.
Other factors, including a weaker U.S. dollar and shifting oil production levels, are adding to the volatility and making it difficult to predict where prices will go next.
Analysts say even if supply improves, it could take weeks or months for prices to stabilize, and fluctuations are likely to continue in the near term.
For now, Georgia remains among the states with lower gas prices, but the recent surge suggests drivers could continue to see increases as the summer travel season approaches.
PREVIOUS STORIES
- Georgia gas prices jump again as drivers feel the squeeze
- Gas prices slightly down from last week’s average in Georgia
- What the gas tax relief bill means for you
Gas tax suspension
Georgia Gov. Brian Kemp previously suspended the gas tax for Georgia drivers, saving drivers approximately 33 cents per gallon on gasoline and 37 cents per diesel. The gas tax suspension is currently scheduled to end on May 19.
