Gas Tracker: Georgia Prices Climbing After Ukraine Invasion

GEORGIA — Gas prices were already climbing because of inflation, but Russia's invasion of Ukraine has experts predicting higher fuel bills are on the way this week at Georgia gas pumps.

The average price of regular gas in the U.S. is $3.61 a gallon — 90 cents more than a year ago, American Automobile Association said.

In Georgia, the average price of regular gas was $3.50 per gallon on Tuesday, up 13 cents from a week ago, an increase of 30 cents in the past month, and a 93-cent jump from one year ago, AAA said.

"Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters," AAA spokesperson Andrew Gross said on Monday. "Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers."

Russia is a major producer and exporter of crude oil and natural gas. According to an NPR report, investors are concerned that the conflict will disrupt some exports on the ground, while sanctions will hinder others.

Here are current gas prices across the Atlanta metro, according to AAA.

• Fulton County: $3.59
• Cobb County: $3.48
• Cherokee County: $3.44
• Bartow County: $3.48
• Douglas County: $3.47
• Paulding County: $3.45
• DeKalb County: $3.50
• Gwinnett County: $3.47
• Forsyth County: $3.47

You can also search for the cheapest gas at a station near you on the Gas Buddy site.

As the conflict intensifies, AAA said the energy market actually suffered its first week of losses last week. This snapped an eight-week streak of oil price gains.

After reaching a new 2022 high of $95.46 per barrel on Feb. 21, the price for U.S. crude declined 5 percent by the end of the week. That resulted in a 2 percent week-over-week decline of $2 per barrel — the equivalent of a five-cent drop at the pump. But oil prices hit $100 a barrel last Thursday.

Georgia drivers shouldn't expect prices to drop right away. According to AAA, as the conflict persists with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies.