The current price had been rising through the spring, and have now come down from an average of $2.90 a gallon on Memorial Day. However, prices have edged up the past several days and that trajectory is likely to continue, he said. "there are additional price increases coming."
Inventories of gasoline are low and demand is high. Moreover, there have been political problems in Venezuela and Libya that have undermined production and an American pressure campaign aimed at restricting Iranian oil’s access to the global market.
But the main cause is the global price of oil, And the recent rise in oil prices has not yet flowed through the market to the pump, said Jeanette Casselano, a spokesperson for AAA.
“Motorists may see the national gas prices average to potentially jump back up to nearly $3/gallon in coming months,” she said.
Georgia average gas prices currently is $2.70 per gallon statewide, about 16 cents a gallon lower than the nation's, according to AAA.
But cost-conscious drivers heading north or west from Georgia might consider delaying a fill-up until they cross state lines. Average state prices among Georgia’s neighbors:
— Alabama: $2.53 per gallon
— South Carolina: $2.53 per gallon
— Tennessee: $2.60 per gallon
— North Carolina: $2.67 per gallon
Only Florida has higher prices than Georgia in the Southeast, according to AAA: $2.73 per gallon.
The highest price ever on a July 4 was in 2008, the summer that global oil prices hit an all-time high. That summer, Atlanta gas prices climbed above $4 a gallon as the holiday started.
Fourth of July metro Atlanta gas prices
Average for a gallon of regular gas
Source: Gas Buddy