Tensions between Russia and Ukraine contribute to rise in Georgia gasoline prices

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

Georgia gasoline prices continued to climb over the past week, adding four cents to the price of a gallon of regular unleaded at the pump. The tensions between Russia, a member of OPEC with the power to withhold their oil from the market, and Ukraine, have contributed to a rise in crude oil prices.

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 $3.37 per gallon.

“Elevated oil prices continue to contribute to the rise in gas prices across the country,” said Waiters. “One way Georgians can maximize fuel efficiency is to keep their vehicle well-maintained as pump prices climb.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.34 at the time of this writing, about three cents less 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 by 5 cents to $3.53. At the close of last Thursday’s formal trading session, WTI decreased by $1.90 to settle at $91.76.

Tension between Russia and Ukraine contributed 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. Additionally, EIA reported last week that total domestic crude stocks increased by 1.1 million barrels last week to 411.5 million barrels.

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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