Oil prices drive Georgia gasoline prices slightly up over past week

Gasoline pump resting in its cradleGasoline pump (Photo Cobb County Courier/Larry Felton Johnson)

An increase in price-per-gallon of oil contributed to driving gasoline prices up in Georgia and in Cobb County.

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 $3.13 per gallon for regular unleaded.

“In the past few weeks, we have seen the price for a barrel of oil work its way from the mid-$60s to over $80 a barrel,” said Waiters. “Since the price of oil accounts for roughly half of what consumers pay at the pump, higher oil costs will likely result in higher gasoline costs for Georgians.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.156 at the time of this writing, about three cents more expensive than the statewide average.

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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 increased 2 cents. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks rose by 5.9 million barrels to 246.6 million barrels last week. On the other hand, gasoline demand rose slightly from 7.91 million barrels a day to 8.22 million barrels a day. The small increase still puts gas demand in a typical range for the winter driving season, which was 8.11 million barrels a day in mid-January 2021. Typically, pump prices decline due to low gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices. As crude prices continue to climb, pump prices will likely follow suit.

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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