ATLANTA — American drivers have spent nearly $139 billion more on gasoline and diesel since March 1 compared to the same period last year, as overseas conflicts continue to drive up fuel prices.
According to GasBuddy analyst Patrick De Haan, the additional costs are tied to the ongoing conflicts involving Iran and Ukraine.
“It breaks down to roughly $84.4 billion more on gasoline that Americans have spent since March 1, and about $54.6 billion more on diesel,” De Haan said.
The combined increase amounts to approximately $138.9 billion, with costs continuing to climb.
In metro Atlanta, AAA reports regular gasoline is averaging $3.73 per gallon, down from a month ago but more than 90 cents higher than this time last year.
As of October 21, the statewide average is $3.71 per gallon for regular gasoline and $5.75 for diesel. Nationally, diesel is averaging $6.32 per gallon.
De Haan says the conflicts involving Iran and Ukraine have contributed to higher fuel prices worldwide, particularly as Russian oil infrastructure has been targeted.
“With Russia not exporting any diesel since July, the global market for diesel has been very very tight,” De Haan said.
The increased costs have also affected other industries, with airlines raising fares to offset fuel expenses and higher diesel prices contributing to increased costs for groceries and other goods.
De Haan says easing international tensions could help bring fuel prices down.
“If there’s broad de-escalations between the US and Iran that certainly would be a good start in pushing prices lower. The other part of this equation is Ukraine’s attacks on Russian oil refiners would also have to be solved,” De Haan said.
However, he cautioned that lower prices would not necessarily happen immediately.
“It may take a couple of months for prices to completely revert back. It’ll take a long time for the global supply of oil to normalize,” De Haan said.
Meanwhile, Georgia drivers will continue receiving temporary relief at the pump after the state’s gas tax suspension was extended to November 5.
The suspension, which was previously scheduled to expire October 29, amounts to approximately 33 cents per gallon for regular gasoline and 37 cents for diesel, although not all of those savings are passed along to consumers.
This marks the fifth time Gov. Brian Kemp has suspended the state’s gas tax during his tenure and the second time this year.
An earlier suspension was initially scheduled to last 60 days before Kemp extended it by two weeks.
The tax break is estimated to cost Georgia approximately $200 million in revenue each month it remains in effect, with a similar amount staying in consumers’ pockets.
The current suspension is now scheduled to expire November 5.
WSB Radio’s Ashley Simmons & Rob Archer contributed to this story.