AAA: Attack on Saudi oil facility plus rising crude price drives GA gas prices higher

Kroger gas station on Concord Road and South Cobb Drive in article about gasoline price dropKroger gas station on Concord Road and South Cobb Drive (the photo was taken last year, so the prices are outdated)-- photo by Larry Felton Johnson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, spokeswoman for the AAA – The Auto Club Group, Georgia gas prices continue their upward trend. Georgia driver are paying an average price of $2.59 per gallon for regular unleaded. 

The press release states, “Monday’s state average is 17 cents more than a week ago, 15 cents more than this time last month, and 12 cents less than this time last year.”

“Rise in crude oil prices, a result of attacks on oil facilities in Saudi Arabia contributed  to increase at the pump,” said Waiters. “However, the national average has held steady for two days, signaling that gas prices may be stabilizing in the coming week, which will be welcome relief for Georgia motorists.”

Why are prices rising?

The press release stated that according to the Energy Information Administration (EIA), for the week ending September 13 demand dropped by 900,000 barrels per day while total domestic stocks increased by 800,000 barrels per day to 229.7 million.

While this would normally drive prices down rather than up, AAA stated, the attack on the Saudi oil facilities drove prices up instead.

Cobb County prices

As of this morning, Monday September 23, the average price for a gallon of gasoline in Cobb County was $2.662.

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

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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