Georgia gas prices take another big jump over Ukraine concerns

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

As the price of crude oil continued to rise over concerns about how Russian activity in Ukraine will affect oil supplies, Georgia gasoline prices took another nine-cent jump over the past 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 $3.33 per gallon for regular unleaded gasoline.

“Crude oil prices set new 2022 highs on Friday, amid concerns over how a potential Russian invasion of Ukraine could result in sanctions on Russian oil which could make the oil market even tighter than it currently is,” said Waiters. “Georgians can expect pump prices to remain high for a while.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.331 at the time of this writing, the same as 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 Monday, the national average for a gallon of regular gasoline has increased by 5 cents to $3.48. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 248.4 million barrels last week. On the other hand, gasoline demand increased from 8.23 million barrels a day to 9.13 million barrels a day. A decrease in total stocks and an increase in demand have contributed to upward pressure on pump prices, but rising crude prices continue to play a dominant role in pushing pump prices higher. Pump prices will likely continue to follow suit as demand grows and stocks decrease if crude prices continue to climb.

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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