Gasoline price fell two cents in GA over past week

Kroger gas station on Concord Road and South Cobb Drive in article about gasoline price plungeKroger gas station on Concord Road and South Cobb Drive (the photo was taken last year, so the prices are outdated)-- photo by Larry Felton Johnson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 AAA – The Auto Club Group, Georgia prices at the pump fell two cents over the past week, bringing the statewide average to $2.44 per gallon for regular unleaded gasoline.

“While there is still clear geopolitical tension in the Middle East at this time, there appears to be no immediate threat to crude supply domestically or globally that can support a sustained increase to crude oil prices or domestic wholesale gasoline prices,” said Waiters. “Pump prices will likely decline moving into the week, assuming that no further actions increase tension in the region.”

Cobb county gas prices

The AAA website has the price of regular unleaded in Cobb County at an average of $2.419 per gallon, about two cents lower 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.

National factors in gasoline price

According to AAA’s press release:

Today’s national average is $2.58, which is the same as last week, 1 cent less than last month, and 34 cents more than this time last year. Wholesale gas prices and crude prices saw temporary, reactive spikes as a result of increased tension between the U.S. and Iran after the U.S. announced that it killed Iran’s Major General Qassem Soleimani last week. Tensions have since eased, with the U.S. announcing new economic sanctions on Iran instead of additional military strikes, helping to calm the market.

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.

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2 Comments on "Gasoline price fell two cents in GA over past week"

  1. WE DO NOT DEPEND ON IRAN FOR OUR OIL ANYMORE!!!! Actually, there is a a ban on export of oil from Iran to the United States!! The gasoline companies think the citizens are stupid so they started hiking up the prices but we wouldn’t buy from those who’re doing this. That’s why we’re starting to see a decrease!! Wake up people and get your information from somewhere else than just news reporters!! They don’t always know the facts either!!!!

    • Hi, Anna Maria. Events in the Persian Gulf still affect the supply of oil (and the cost) whether oil flows directly from Iran or not. Every OPEC member ships via the Persian Gulf, and warfare there would almost certainly disrupt the export of more than 18 percent of the world’s oil supply. Plus the countries that do get part of their oil from Iran would be competing for the remaining oil, which would drive prices up.

      Luckily, it doesn’t look like it’s going to come to that at least in the short run.

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