ATLANTA, GA — Gas prices have made a jump of three cents in a week in Georgia, and now stand at $2.94 per gallon on average for regular unleaded.
That is still about 13 cents below the national average but more than a dime higher that nearby southern states including Alabama and South Carolina.
AAA said oil prices have risen recently over speculation that demand in China could surge.
The uptick in prices is also blamed on U.S. sanctions against Russia that have caused uncertainty in the energy industry.
Bloomberg’s Gina Cervetti reports that oil just hit its highest level in more than four months nearing $78 dollars a barrel.
Those sanctions target large exporters, insurance companies and more than 150 tankers.
Crude had already been rising in recent weeks, fueled by colder weather, falling US stockpiles, and speculation that officials with the incoming Trump administration may tighten curbs against oil flows from Iran.