The sharp jump in Georgia gasoline prices levels off

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

The steady rise in gasoline prices in Georgia seems to have reached a plateau, and the prices leveled off, remaining the same as this time last week.

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 $3.25 per gallon.

“Georgia statewide pump price averages have managed to remain stable for the past few weeks,” said Waiters. “Crude oil prices are still elevated, which impacts the cost of gas. Georgians can anticipate prices to remain elevated through the Thanksgiving Holiday.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.28 at the time of this writing, about three cents 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 last Monday, the national average for a gallon of regular gasoline has decreased by a penny to $3.41. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 212.7 million barrels last week. Gasoline demand also dropped from 9.5 million barrels a day to 9.26 million barrels a day. The decrease in demand has contributed to some price relief at the pump for drivers. However, pump prices will likely remain elevated as long as oil prices are above $80 per barrel.

At the close of last Thursday’s formal trading session, WTI increased by 25 cents to settle at $81.59. Although crude prices reversed course due to fluctuations in the market, crude prices declined earlier last week as inflation fears weigh on the market. Additionally, after the EIA reported that total domestic crude supply increased by 1 million barrels to 435.1 million barrels the week before, prices also fell. However, according to EIA’s data, the total domestic crude supply is still down 11 percent compared to the previous year at this time, putting elevated price pressure on crude.

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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