Governor Brian Kemp (R) signed two executive orders on Wednesday that extended the gas tax suspension and renewed the state of emergency for supply chain disruptions. These executive orders will be effective through September 12th.
“I have extended the temporary suspension of the state’s motor fuel tax to alleviate the financial burden placed on Georgians due to the federal government’s gross mishandling of inflation,” Gov. Kemp said.
The average price for a gallon of gas nationwide has reached the the $5 threshold, according to Thursday reports.
“According to GasBuddy, the national average has reached $5 per gallon,” said GasBuddy’s Patrick De Haan.
Georgia’s record-high gas prices are lowest nationwide, according to the American Automobile Association (AAA).
The average price for a gallon of gasoline in Georgia Monday was $4.29, matching a record high set on March 11. That figure is the lowest in the nation, as the average price for a gallon of gas in the United States Monday was $4.86.
Gas prices hit another record high Tuesday, the latest in more than a dozen record high days this month.
Gas prices had hit record highs every day for two weeks during May before dipping down slightly. Now, with two consecutive record days, another run of record highs may be on the way.
Georgia’s governor Thursday extended the state’s gas tax holiday amid record-high prices at the pump.
“While President Biden continues to enforce an out-of-touch agenda with damaging effects, we’re responding to record-high inflation and addressing supply chain issues by empowering Georgians to keep their money in their own pockets and keep goods flowing,” Gov. Brian Kemp said on Twitter.
Gas prices have soared to new heights this month with the price of unleaded regular gas hitting a record high every day for the past two weeks. With Memorial Day weekend approaching, motorists face steep costs if they plan to travel.
According to AAA, the national average regular unleaded gas price Tuesday came in at $4.60, a record high. Diesel gasoline is at $5.55 per gallon, just below the record set last week.
Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.
Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
As the economy began to reopen this year and the demand for fuel increased, President Joe Biden, through executive order, halted and restricted oil and gas leases on federal lands, stopped construction of the Keystone Pipeline, and redirected U.S. policy to import more oil from Organization of the Petroleum Exporting Countries and Russia (OPEC+) instead of bolstering American oil and gas exploration and production.
Gov. Brian P. Kemp this week announced Georgia has again secured the highest ratings of AAA with a stable outlook from each of the three main credit rating agencies: FitchRatings, Moody’s Investors Service, and S&P Global Ratings. This, according to a press release that members of Kemp’s staff published on his website.