Gas prices reach high mark and keep rising

2:06 PM, Feb 20, 2012   |    comments
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Gas prices are as high as they've ever been this time of year.

ATLANTA -- Gas prices are higher than ever for this time of year with the Metro Atlanta average for a gallon of regular reaching $3.54, according to AAA South.

Sunday's average was up 14 cents from a month ago and 44 cents from a year ago.

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"The pressure for gas prices is up," said certified financial planner Wes Moss of Atlanta-based Capital Investment Advisors. "We have seen oil prices go up for the last four months faster than gasoline prices. The trend is certainly higher.

Tensions with Iran and increasing demand from developing nations are playing a big role in rising oil prices, which have topped $100 a barrel. 

A startling new prediction by gasbuddy.com puts the price at $4.60 a gallon in metro Atlanta by Memorial Day.

But Moss said he believes drivers will pull back if the price hits $4.

"It's called demand destruction," he said. "We slow down our consumption, and that puts a little bit of resistance or a ceiling on prices. So maybe $4.05, $4.10 by Memorial Day, but $4.60 is an excessive prediction."

On Sunday, gasbuddy.com showed gas prices as high as $3.89 in Buckhead and as low as $3.29 in Decatur.

Another site, www.computegassavings.com, shows whether it's worth the drive to find cheaper gas.

The site asks for your tank size, miles per gallon, the price at the pump at the station closest to you, the price at the cheaper station and the distance between the two. It then computes the real savings. 

 

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