Gasoline prices decline

Kroger gas station on Concord Road and South Cobb Drive in article about two cent drop in gas prices over the past weekKroger gas station on Concord Road and South Cobb Drive (the photo was taken last year, so the prices are outdated)-- photo by Larry Felton Johnson

According to a press release from Montrae Waiters, the spokeswoman for the AAA – The Auto Club Group, gasoline prices continued to decline for the second week in a row in Georgia.

“Monday’sstate averageis6centslessthan a week ago, 21centlessthan this time last month, and 26 cents lessthan this time last year,” the news release stated.

“Gas prices have been trending lower for the past several weeks,” said Waiters. “If demand increases amid falling stock levels in the week ahead, Georgia motorists could see pump prices increase slightly ahead of Labor Day.”

Cobb County average gasoline price

At an average price for regular unleaded at $2.53 per gallon, Cobb County drivers are paying about nine cents more than the statewide average.

It is always possible to find lower gas prices than the average by comparison shopping or using tools like http://gasbuddy.com.

But we’re not out of the woods

AAA offers a cautionary note about the pace of declining prices:

Although pump prices have continued to fall this week, growing demand amid tightening stocks have helped to slow down the pace of the declines. New data from the Energy Information Administration (EIA) reveals demand for gasoline hit a new all-time high record at 9.93 million b/d for the week ending August 9. According to last week’s EIA the report, demand grew by nearly 300,000 b/d to hit the highest level recorded by EIA since it began recording the data in 1991. In comparison to last year at this time, the latest demand rate is approximately 400,000 b/d higher. The high demand level contributed to total domestic stocks falling by 1.4 million bbl to 233.8 million bbl.

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 atwww.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.

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