Georgia gas prices jump 4 cents

The coronavirus vaccines might have contributed to a rise in gasoline prices illustrated by photo of Kroger gas station on South Cobb DriveKroger gas station on Concord Road and South Cobb Drive (the photo was taken last year, so the prices are outdated)-- photo by Larry Felton Johnson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 increased to $1.79, four cents more than this time last week.

“All South and Southeast states saw pump prices increase,” said Waiters. “The good news is that gas continues to be fairly cheap. Georgians can fill-up for $2/gallon or less at gas stations across the state.”

Monday’s state average is also 17 cents more than last month, and 75 cents less than this time last year, according to the press release.

Cobb County gasoline prices

The average price in Cobb County is $1.73, about seven cents less 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.

Energy Information Administration Report

The AAA — The Auto Club press release summarized the report from the Energy Information Administration (EIA). The EIA assembles independent statistics and analysis on energy trends, including prices.

Since last Monday, the national average for a gallon of regular gasoline is $2.02, which is 5 cents higher than a week ago. According to new data from the Energy Information Administration (EIA), demand grew slightly from 7.3 million barrels a day to 7.5 million barrels a day last week. The increase in demand has occurred alongside an increase in the national average. If this trend continues, motorists will likely see pump prices continue to move higher.

At the close of last Thursday’s formal trading session, WTI increased by 12 cents to $37.41 per barrel. Domestic crude prices have been volatile as the market awaits a potential announcement from the Organization of the Petroleum Exporting Countries (OPEC) on additional steps to reduce crude production amid the COVID-19 pandemic, which has lowered global crude demand. OPEC and other large crude producers, including Russia, are implementing a 9.7 million barrels a day crude production reduction agreement for May and June 2020, but the future of the agreement is uncertain. As market uncertainty over the agreement increases, crude prices will likely remain volatile.

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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