Gasoline Prices Expected to Spike in the Coming Weeks

June 18, 2014

5-21-2014 Gas PumpGasoline prices in the southeast were on a streak of declines before the conflict in Iraq began.

The average price for a gallon of gasoline fell for 44 days in Georgia.

However, the streaks ended this past Saturday as the violence in Iraq caused oil prices to jump.

Motorists should be ready for gas prices to increase around 5-10 cents, said Mark Jenkins, AAA spokesman.

The price hike could continue depending on the duration of this conflict he added.

Iraq is the second largest crude producer in the Organization of the Petroleum Exporting Countries (OPEC).

The market is concerned that violence will spread to the main oil-producing areas in southern Iraq and threaten supplies.

According to AAA, the national price of a gallon of regular unleaded gasoline is $3.66, an increase of one-cent from a week ago.

In Georgia, the average price per gallon this week is $3.54, down a penny from this time last week.

In Elbert County, the average price per gallon holds steady at $3.59.