ATLANTA (CW69 News at 10) — Motorists are finding that the statewide average price for gas as of Monday morning is running at $3.96 per gallon for regular unleaded gasoline. This is a whopping 46 cents, on average, more than a week ago, 64 cents more than this time last month, and $1.30 more than this time a year ago.
The most recent jump — was an 8-cent per gallon rise overnight, according to AAA-The Auto Club Group.READ MORE: Elon Musk Explores The Limits Of Tesla's 'Self-Driving' Technology
“Georgia gas price average is approaching $4 per gallon statewide,” said Montrae Waiters, AAA spokeswoman. “Pump prices sharp rise is primarily due to the Ukraine-Russia conflict, which is causing crude oil prices to climb above $100 per barrel.”
Since last Monday, the national average for a gallon of regular gasoline has increased to more than $4.00.
Crude prices continue to surge as the conflict between Ukraine and Russia continues to bring uncertainty to the market. To help counter the impact of rising oil prices, the International Energy Agency (IEA) has coordinated a release of 60 million barrels of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico.READ MORE: Baby Formula Arrives In Indianapolis From Germany On US Military Aircraft
The announcement of the release did not detail the amount of each contribution from each country, but half of the release – 30 million barrels – is expected to come from the U.S.
However, the pricing impact from the announcement has been limited given that the amount of oil is small in comparison to the amount of oil that flows daily from Russia around the globe. According to IEA, Russia exports approximately 5 million barrels a day of crude oil, representing about 12 percent of global trade.
The market will likely continue to increase the price of oil as more sanctions are imposed on Russia. A potential ban of crude imports from Russia to the U.S. or other countries will likely cause prices to continue to rise to reflect more risk of disruption to tight global oil supplies.MORE NEWS: Tiger Woods Withdraws From PGA Championship
“While drivers can’t control the price they see at the pump, there are some simple ways to get the most for your money when you fill up,” Waiters said. “First, ensure your vehicle is properly maintained, so you get optimal fuel economy. Then enroll in AAA’s Fuel Rewards program, which can save drivers 30 cents per gallon on their first fill-up and 5 cents per gallon on each additional fill-up.”