Georgia gas prices continue to fluctuate over a narrow range

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Cobb DriveKroger gas station on Concord Road and South Cobb Drive (the photo was taken last year, so the prices are outdated)-- photo by Larry Felton Johnson

Georgia gasoline prices continued to fluctuate over a narrow range over the past week.

According to a press release from Montrae Waiters, spokeswoman for AAA – The Auto Club Group, Monday’s statewide average for a gallon of unleaded gasoline at the pump is $1.99, which is one cent less than a week ago, 5 cents less than last month, and 52 cents less than this time last year.

“Georgia gas prices decreased minimally by one to two cents or saw no change at the pump,” said Waiters in the weekly AAA press release “That is likely to continue into the fall season as motorists take fewer road trips, especially amid the pandemic.”

Cobb County gasoline prices

The average price in Cobb County is $1.99 per gallon, in keeping with 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.

What is the national trend?

According to AAA:

Since last Monday, the national average for a gallon of regular gasoline has held steady at $2.19. In the new weekly report from the Energy Information Administration (EIA), gas demand saw a slight uptick to 8.53 million barrels a day from 8.52 million barrels a day. The slight growth in demand, despite total domestic stocks growing by 700,000 barrels to 228.2 million barrels, has minimally edged the national average more expensive. However, as the nation settles into fall, demand will likely decline as drivers take fewer road trips.

What are the trends in crude oil prices?

AAA describes national oil price trends over the past week over the past week as follows:

At the close of last Thursday’s formal trading session, WTI decreased by $1.50 to settle at $38.72. Crude prices fell due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. The drop in prices occurred despite EIA’s weekly report revealing that total domestic crude inventories decreased by 2 million barrels last week to 492.4 million barrels. Crude prices may continue to decrease if demand challenges persist. 

WTI stands for “West Texas Intermediate,” which is the grade of oil used as a benchmark to compare movements in oil prices.

According to the EIA website:

The U.S. Energy Information Administration (EIA) collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment.

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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