12:46 pm March 29, 2012, by Fran Jeffries
If prices at the pump make you want to holla’ and throw up your hands, unfortunately it’s going to get worse before it gets better.
“Motorists can expect prices to increase well into spring, ” said AAA spokeswoman Jessica Brady. “If the trending continues like last year, we could see pump prices peak in May and then start to retreat.”
Since Jan. 1, retail gas prices have risen steadily in metro Atlanta from an average of $3.27 a gallon to $3.79 a gallon this week. The national average is $3.89 and could hit $4 by the first week of April – for the first time in history, according to Brady.
Georgia’s average of $3.79 and Tennessee’s average price of $3.71 both increased 7 cents from last week while Florida’s average of $3.90 increased 8 cents.
While motorists are feeling the pain, so are retailers, Brady said.
Retailer profit margins in Florida, Georgia, and Tennessee average 10 cents to the gallon, meaning the retailer will make less than $1.50 from the fill-up of a 15-gallon gas tank after paying credit card fees. About 76 percent of the cost of a gallon of gas goes to the cost of crude oil, 12 percent to taxes, 6 percent to refineries, and the remaining 6 percent is split between transportation costs and retailer profits, according to Brady. Track gas prices in and around Metro Atlanta. We found a low of $3.71 at QuikTrip, 7390 Jonesboro Rd & Battlecreek Rd. and a high of $4.19 at BP, 3004 Piedmont Rd NE & Pharr Rd.
For my birthday, I’m hoping someone will gift me with a gas card. I’m also cutting back on unnecessary driving to save gas.
What changes have you had to make to adjust to these high gas prices?
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