ATLANTA – The price of gasoline has jumped significantly over the past month, and industry experts say it will continue to climb during the month of August.
Metro Atlanta is currently paying an average of $2.23 a gallon for regular unleaded. That’s 12 ½ cents a gallon more than a month ago.
On July 4th, gas averaged around $2.10 a gallon.
Patrick DeHaan of Gasbuddy.com says prices will likely climb another 5-15-cents a gallon through August. Much of what happens at the pump will depend on events in Venezuela.
"The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the U.S.,” says DeHaan.
Another factor, according to DeHaan, is Saudi Arabia’s decision to reduce its exports of crude oil.
Events in Venezuela, where anti-government protests follow the most recent elections, will play a big role in where prices go from here, according to DeHaan.
The approach of Labor Day plays in our favor, says DeHaan. The end of the summer travel season will lower demand. Gas stations will switch to the cheaper winter blend, which should help stabilize or even lower gas prices.