Gas prices have been on the rise in Georgia, increasing an average of seven cents last week, according to a press release from Garrett Townsend, the Georgia Public Affairs Director for AAA.  At a statewide average of $2.17 per gallon on Sunday,  the state average was 6 cents more than a month ago, yet 31 cents less than this time last year.  The national average on Sunday was $2.26 per gallon.

Despite last weeks price rise, AAA predicts the trend of lower gas prices will continue.

“Gas prices are slipping lower, due to an oversupply of gasoline,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gasoline supplies are at record highs, according to the latest report from the EIA. That’s because refineries had been running hard to meet seasonal demand for both heating oil and exports. In doing so, they were left with more gasoline than there was demand for. State averages could drop another 3-5 cents in the next 7-10 days as a result.”

Cobb gasoline price average is $2.195 today

According to AAA’s gas price calculator, the average price of a gallon of gasoline as of the publication of this article is $2.195.

What could cause gas prices to rise?

According to AAA’s news release, there are factors that could cause prices to rise despite the glut of oil, mainly the situation in Venezuela:

Crude prices could face upward pressure this week, as a result of political turmoil in Venezuela. The once oil-rich nation sits on the largest oil reserves in the world, but production has declined during its prolonged economic struggles. Venezuela now faces potential sanctions from the United States on crude exports. Sanctions are being considered as a method to remove Venezuela’s President Nicolas Maduro from power. This could also result in tightening global crude supplies and higher prices. 

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.