GA gas prices drop on decreased demand

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price dropKroger gas station on Concord Road and South Cobb Drive (the photo was taken last year, so the prices are outdated)-- photo by Larry Felton Johnson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 the weekly press release from Montrae Waiters, the spokeswoman for AAA – The Auto Club Group, gas prices continued to drop in Georgia this week, because of a decrease in demand.

Motorists here are now paying $2.50per gallon for regular unleaded on average.Monday’sstate averageis4centslessthan a week ago, 11centsmore than last month, and 25 cents lessthan this time last year, according to the press release.

“Gas demand is starting to decline, which is typically the case during fall,” said Waiters. “If demand continues to drop, while stocks decline or hold steady, pump prices will likely continue to stabilize this week.”

Cobb County average price

As of this morning the average price for a gallon of regular unleaded in Cobb County was $2.56, slightly over 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.

More information on the drop in price

The press release further states:

The national average price for regular unleaded gasoline is $2.66 per gallon, which is one cent more than a week ago, nine cents more than a month ago, and 25 cents less than a year ago. In its latest weekly report, the Energy Information Administration’s (EIA) data revealed that gas demand is starting to decline. For the week ending on September 27, demand moved from 9.34 million b/d to 9.13 million b/d, which is the same rate seen at the end of September 2018. Alongside the drop in demand, gasoline stocks held relatively stable from 230.2 million bbl the previous week to 230 million bbl. The drop in demand, amid stable stock levels, has helped the majority of motorists across the country see pump prices stabilize or decline after spiking a few weeks ago when Saudi Arabia reported that two of its oil facilities were attacked.

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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