For the second week in row gasoline prices took a substantial climb here in Georgia, possibly driven by the tensions between Ukraine and Russia.
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 $3.24 per gallon, four cents more than this time last week.
“Russia’s intentions toward Ukraine continues to influence higher crude oil prices,” said Waiters. “Higher oil prices will likely lead to higher pump prices for Georgia drivers. The national average for a gallon of gas has risen to $3.43, seven cents more than a week ago.”
Prices in Cobb County
The price of a gallon of regular unleaded in Cobb County is $3.24 at the time of this writing, matching the statewide average. Prices in Cobb have tended to be a few cents higher than the statewide average until this report.
It is always possible to find lower gas prices than the average by comparison shopping or using tools like http://gasbuddy.com.
What are the national trends?
AAA’s weekly report stated the following about national gas and oil trends:
According to data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 2.1 million barrels to 250 million barrels last week. On the other hand, gasoline demand dropped from 8.51 million barrels a day to 8.23 million barrels a day. An increase in total stocks and a decrease in demand typically put downward pressure on pump prices, but rising crude prices continue to push prices higher instead.
At the close of last Thursday’s formal trading session, WTI increased by $2.01 to settle at $90.27. The tension between Russia and Ukraine continues to contribute to rising oil prices. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Moreover, OPEC+ announced this week it will stick to its plan to increase crude production by 400,000 barrels a day next month despite calls for it to increase output more to help meet demand. The current stock level is approximately 13 percent lower than at the end of January 2021, contributing to pressure on domestic crude prices.
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.