Gas prices in metro Atlanta and across the state have already begun climbing back up after the state’s motor fuel tax holiday ended Wednesday.
By midday Friday, average prices in Georgia for a gallon of regular unleaded gas were up 13 cents from Wednesday, and the average in metro Atlanta was up 11 cents, according to GasBuddy.com.
After. Gov. Brian Kemp let his latest emergency order suspending the state’s gas tax lapse two days ago, the state resumed collecting 31.2 cents a gallon for unleaded gasoline and 35 cents per gallon for diesel.
The gas tax suspension cost the state — and saved drivers — $150 million to $190 million a month.
By Thursday, average gas prices had increased to $2.88 in metro Atlanta, up 8 cents in one day, according to GasBuddy. That climbed to $2.91 by midday Friday.
“I would expect that as the day progresses, that these numbers keep climbing,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
Some gas stations only buy gasoline every couple of days and may not have immediately felt the increased costs, while other busy stations may buy gas more frequently.
But overall, gas stations “know in anticipation of their next load they’re going to be paying 30 cents more. And because they know they can’t just go up 30 cents, they’re going to go with a slower solution,” De Haan said.
Rather than one gas station pricing at $2.99 while another nearby charges $2.69, which could create a significant imbalance in supply and demand between stations, “some stations are going up 10 cents,” De Haan said. “Stations want to start raising prices quickly so that by the time they’re hit with that full 30 cents, they may have already sent their prices up.”
And, he noted that over time, gas prices may go up by even more than the 31 cent gas tax.
That’s because the OPEC oil cartel on Thursday agreed to cut oil production, “so moving forward, there is the potential that prices move up more,” De Haan said.
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