According to a press release from Garrett Townsend, the Georgia Public Affairs Director for AAA, the average price for gasoline in Georgia dropped to the lowest level of the year Sunday, at $2.29 per gallon.
“Georgia gas prices for the month of November averaged 25 cents per gallon less than in October. Despite falling gas prices, this was the most expensive November at the pump in four years. The monthly average price of $2.50/g was 12 cents more than November 2017, and 34 cents more than November 2016,” according to the news release.
Despite the recent drops, last month was the most expensive November at the pump in four years in Georgia. The statewide monthly average for November price of $2.50/g was 12 cents more than the same month in 2017, and 34 cents more than November 2016.
Cobb County gas prices
As of this morning Cobb County gas prices average $2.262 per gallon, according to AAA’s gas price calculator. That’s slightly below this morning’s statewide average of $2.276.
Why are prices dropping?
The news release states:
- Domestic crude oil production remains at a record-high 11.7 million barrels per day; 21 percent more than last year
- Domestic oil supply increased for the 10th consecutive week
- Supply levels are the highest since this time last year
- Gasoline production remains strong
- Gasoline supplies are nearly 5 percent stronger than a year ago
- Gasoline demand is steady
- Exports of crude and refined fuels reached a new all-time high last week of 8.7 million barrels per day
“Compared to when pump prices peaked in May, Americans are now saving an average of $5-$10 every time they go to the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group, in the news release “Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows, because there’s so much oil in the global market and not enough demand to absorb it. OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut, in hopes of boosting oil prices. A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds.”
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.