Georgia gasoline prices plunge 19 cents over past week but oil price rise might reverse that

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

Georgia gasoline prices plunged 19 cents per gallon for regular unleaded over the past week, but oil prices had another surge which will likely drive prices higher again.

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 $3.95 per gallon.

“Georgians continue to see savings at the pumps compared to a week ago,” said Waiters. “However, if oil prices continue to rise, gas prices will likely follow suit, possibly reversing course from the current downward trend.”

Prices in Cobb County

But prices in Cobb County have not kept pace with the drop in prices statewide.

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The price of a gallon of regular unleaded in Cobb County is $4.03 at the time of this writing, about 8 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:

Since last Monday, the national average for a gallon of regular gasoline has decreased by 1 cent to $4.24. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 3 million barrels to 238 million barrels last week. Gasoline demand also decreased from 8.94 million barrels a day to 8.63 million barrels a day.

At the close of last Wednesday’s formal trading session, WTI increased by $5.66 to settle at $114.93. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined last week by 2.5 million barrels to 413.4 million barrels, approximately 18 percent lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising 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.

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