Cobb County gas prices average $2.365 today, very close to the statewide average of $2.370.
According to a press release issued yesterday from Garrett Townsend, the Georgia Public Affairs Director for AAA, gas prices in Georgia are approaching a low for the year.
The press release states, “Georgia gas prices are quickly approaching the lowest prices of the year, and motorists should see additional discounts this week. Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent – amid concerns that strong global oil production will overpower demand.”
Mark Jenkins, the spokesman for AAA – The Auto Club Group, said for the press release, “Last week’s crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump. Motorists should see another 5-15 cent drop at the pump as a result. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year.”
Fuel Fundamentals from AAA
AAA also provided the following “Fuel Fundamentals”
- Crude oil prices plunged another $6 per barrel last week – the equivalent of about 15 cents at the pump
- Friday’s daily settlement of $50.42/b is the lowest since October 2017
- Domestic crude production holds steady at 11.7 million barrels per day (record high)
- The U.S., Russia, and Saudi Arabia are all producing crude at record levels
- Crude oil supplies increased again, by 1.1 percent (9th consecutive weekly gain)
- Gasoline dropped another 19 cents on the futures market
- Wholesale gasoline dropped another 5 cents last week
- Gasoline demand is also relatively steady
- Gasoline production was slightly lower than the week before
- Gasoline supply remains strong for the fall, 10 percent better than this time last year
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.