According to a press release from Garrett Townsend, the Georgia Public Affairs Director for AAA, gas prices in Georgia have reached their lowest levels since April. Prices remain higher than last year, though.
Prices down from high, up from last year
The average price in Georgia for a gallon of regular unleaded is $2.65 – 19 cents less than the high for the year, and 30 cents more than November of last year.
Mark Jenkins, the spokesman for AAA – The Auto Club Group, said, “Georgians are saving 20 cents per gallon, compared to when gas prices peaked during Memorial Day weekend. Gasoline is becoming less expensive to produce-and-sell thanks to lower crude prices and cheaper-to-produce winter blend fuel. Retail prices have not quite caught up with declines on the wholesale side, so motorists should see another round of discounts this week. However, fuel prices definitely have the potential to reverse course based on any fluctuations in the stock market due to Election Day and the activation of U.S. sanctions against Iranian crude. Regardless, AAA believes the highest prices of the year are behind us.”
How do Cobb County gas prices stack up?
Why are prices dropping?
The rise in gas prices over the past year was due to fears that U.S.-imposed sanctions on Iran would cause a shortage, according to AAA. However, increased production by the U.S., Russia, and Saudia Arabia have lessened those concerns.
How does AAA determine gas prices?
AAA explains it’s methodology for collecting data on gasoline prices at the pump as follows:
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.