Average retail gasoline prices in Savannah have fallen 2.5 cents a gallon in the past week to $3.54 a gallon on Sunday, according to GasBuddy’s daily survey of 262 gas outlets in Savannah. The national average has increased 1.8 cents a gallon in the last week to $3.65, according to gasoline price website GasBuddy.com.
Prices Sunday were 12.7 cents a gallon higher than the same day one year ago and are 6.6 cents a gallon lower than a month ago. The national average has increased 2.6 cents a gallon during the last month and stands 3.7 cents higher than a year ago.
“The national average has stayed relatively flat for the last month, but that appears to be over, as the escalating situation in Iraq takes hold and drives crude oil and retail gasoline prices higher,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Motorists in some areas of the country have already seen slight price increases, and although the situation is still in its early stages, motorists should be ready for higher gasoline prices if the situation in Iraq threatens the ability of Iraq to export crude oil.
“While the U.S. only receives about 300,000 barrels of Iraqi crude per day, the concern is about the other 3 million or so barrels per day that Iraq pumps, which could be at risk of disruption. It’s that perceived threat that may cause the national average this week to rise 3-6 cents per gallon. The bigger picture here is that the timing of the situation in Iraq could threaten the possibility that motorists see lower prices this summer, as we had anticipated in our much earlier forecasts.”