Continuing a price trend of recent weeks, retail gas prices have risen to their highest level in 15 months as frigid weather, a weak U.S. dollar, rising crude oil prices and scheduled refinery shutdowns all contribute to higher prices at the pump.
In the past three weeks, wholesale prices have shot up by nearly 15 cents per gallon, said Fuel Watch. Gasoline prices have been pushed higher by stronger oil futures prices and a weak dollar that encourages traders to pour money into commodities as a hedge against inflation, experts said.
The U.S. average price of unleaded regular gasoline is now $2.74 per gallon, up 8 cents in the past week, while average prices in Georgia ($2.66) have increased by 13 cents.
“Crude oil and retail gasoline prices are rising for a variety of reasons right now, and the harsh weather is just one component,” said Gregg Laskoski, managing director of public relations for AAA Auto Club South. “It doesn’t help that the dollar is weakening at the same time refineries have begun planned shutdowns for seasonal maintenance. This occurs just about every year at this time because demand for gasoline and diesel is traditionally pretty weak in January and February.”
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