Gasoline prices continued to plummet over the past week, with Georgia’s statewide average standing at $1.84 per gallon of regular unleaded. Low demand due to the COVID-19 pandemic, and the ongoing price war between Russia and Saudi Arabia, has caused prices to continue their drop.
“Americans are being urged to stay at home and practice social distancing to slow the spread of COVID-19, because of this we are seeing less traffic on the roadways which has ultimately driven down demand, increased gasoline supply and pushed pump prices down,” said Montrae Waiters, spokeswoman, AAA – The Auto Club Group. “Georgia motorists do not need to rush to the pumps to fill-up. Currently, there is ample U.S. gasoline supply and no disruption to distribution at gas stations.”
A press release from AAA — The Auto Club Group, also attributed the price war between Saudi Arabia and Russia.
AAA wrote in the press release:
Since last Monday, the national average for a gallon of regular gasoline has decreased by 12 cents to $2.02. The national average has not been this low since March 2016. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health, financial and economic impact of COVID-19 and the crude price war between Russia and Saudi Arabia. New data from the Energy Information Administration (EIA) reveals that with many Americans staying at home and practicing social distancing, gas demand dropped dramatically — from 9.7 million barrels to 8.8 million barrels — last week. Crude oil is the biggest driver of the less expensive gas prices. In the last week, crude oil prices dropped to $22 a barrel – a low not seen since 2002. Crude oil accounts for nearly 60% of the retail pump price. When crude is cheap, gas prices follow suit. Motorists can expect to see prices continue to decline in the week ahead.
Cobb County gasoline prices
The average price in Cobb County is $1.867, slightly higher 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.
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.