The state’s average price of $2.64 for a gallon regular is a nine-cent increase from last week. The national average price is $2.70 per gallon, up 6 cents from last week.
In LaGrange, the lowest prices reported Sunday for regular was $2.589.
In Georgia, the average price of regular was $2.576 a month ago and $1.785 a year ago.
Consumers watched the price of retail gasoline increase upwards of 10 cents in some markets last week. The spike in retail prices is a response to crude oil increasing after reports showed the U.S. economy grew more than expected in the last quarter of 2009 - at a 5.9 percent annual rate, up from the 5.7 percent forecast. In addition, the Commerce Department said the gross domestic product gained the most in six years, which led Federal Reserve Chairman Ben Bernake to say the U.S. economy is in the beginning of a recovery.
These reports led investors to believe demand is on an upward trend, causing crude oil prices to be influenced more by basic fundamentals than by the strength of the U.S. dollar, which has been the primary driver of prices in 2010.
However, the dollar weakened towards the end of last week against the euro and helped crude prices accelerate.
“This week is important to watch and will give us a good idea where crude prices and ultimately retail prices will head in the near future,” said Jessica Brady, AAA public relations specialist. “Prices will likely continue their upward trend, but the state of Chile’s oil refineries, which have shut down because of power outages, could lead to higher than expected prices.”






