Georgia gasoline price hits record high — but not when adjusted for inflation

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

AAA reports that Georgia gasoline prices have hit their record high cost, unadjusted for inflation. The record high for Georgia gasoline price was $4.16 per gallon, reached in 2008 during the financial crisis.

We would have to exceed $5.39 per gallon to reach an inflation-adjusted record since the financial crisis surge in prices, according to the inflation calculator at the U.S. Bureau of Labor Statistics.

Worded another way, $4.16 in 2008 would represent the same buying power as $5.39 does today.

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 $4.29 per gallon.

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“Georgians are paying more than they ever have for gasoline and are looking for ways to spend less at the pumps,” said Montrae Waiters, AAA-The Auto Club Group spokeswoman. “There are simple ways to get the most for your money when you fill-up. To start with, ensure your vehicle is properly maintained, so you get optimal fuel economy. Unfortunately, drivers should anticipate gas prices to remain high for weeks to come.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $4.316 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:

Expensive Oil Pushes Pump Prices to New Heights

Since last Monday, the national average for a gallon of regular gasoline has increased by 32 cents to $4.32. The conflict between Ukraine and Russia continues to bring uncertainty to the market. Since the New Year, the national average has continued a steady climb due to strained supply and increased demand. But Russia’s invasion of Ukraine in late February caused oil prices to spike further. These are numbers not seen at the pump since the financial crisis in 2008, the highest on record until last week (note: AAA historic data is not adjusted for inflation).

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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