Gas prices retreated rather dramatically from their most recent peak, but lately they’ve been on the rise and have retraced much of that recent decline.
According to Gasbuddy.com, Savannah area gas prices are averaging $3.68 per gallon and are on the rise. That’s about 20 cents more than a month ago and almost $1 more than a year ago.
Gas prices are one of the most visible of consumers’ regular expenses, so there’s clearly a toll on confidence when prices rise. Beyond confidence, however, gas price increases hit the wallets of consumers hard and frequently lead directly to reduced discretionary spending.
On top of the increased gas prices, many homeowners in Georgia also just got nailed with really high power bills — a combination of 10% increases in rates at the beginning of the year and a brutal early stretch of hot weather.
Here’s the current graph of average Savannah prices, Georgia prices, and U.S. prices.
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| Savannah Historical Gas Price Charts Provided by GasBuddy.com |