AAA reports Georgia gasoline prices rising

Georgia gasoline demand drop due to COVID illustrated by closeup of a gasoline pump nozzleGasoline pump nozzle (photo by Larry Felton Johnson)

According to the weekly press release from Montrae Waiters the spokeswoman for AAA – The Auto Club Group, Georgia drivers are now paying an average of $2.99 per gallon.

“Georgia motorists saw a slight jump at the pump,” said Waiters. “Demand will continue to see some declines in the weeks ahead as drivers traditionally take fewer road trips in the fall, however, high crude prices (above $70 per barrel) will likely contribute to gas prices remaining elevated this season.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.00 at the time of this writing, about one cent more expensive 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.

AAA’s weekly report stated the following about national gas and oil trends:

Since Monday, the national average for a gallon of regular gasoline has decreased 1 cent to $3.18. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 3.5 million barrels to 221.6 million barrels last week. Gasoline demand remained low at 8.90 million b/d and flat from the previous week, helping to put downward pressure on pump prices. This easing is likely caused by the traditional post-Labor Day/end of summer driving season drop off in demand. The price drop has occurred while approximately 16% of crude production in the Gulf of Mexico remains shuttered due to Hurricanes Ida and Nicholas. As the recovery and restoration process continues, pump prices will likely continue to stabilize.

At the close of last Thursday’s formal trading session, WTI increased by $1.07 to settle at $73.30. Crude prices increased this week following the release of EIA’s recent weekly report that shows total domestic crude inventories decreased by 3.4 million barrels to 414 million barrels. Additionally, crude prices rose after the Federal Reserve signaled it could raise interest rates in 2022 and end its bond-purchase program that has supported the economy since the start of the COVID-19 pandemic.

How does AAA determine gas prices?

According to AAA:

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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