Gasoline prices in Georgia dropped another eight cents 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 $3.87 per gallon on average for regular unleaded gasoline.
“Since early March, Georgians have seen a 42 cents decrease at the pumps,” said Waiters. “The drop in demand, lower crude oil prices, and the Biden Administration announcement of the largest Strategic Petroleum Reserve release in history appear to have an influence on lower gas prices around the country.”
The price of a gallon of regular unleaded in Cobb County is $3.957 at the time of this writing, about nine cents more expensive than the statewide average. The price did drop from $4.03 reported last week, but prices in Cobb continue to stay well above the state 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 5 cents to $4.19. Gasoline demand decreased from 8.63 million barrels a day to 8.5 million barrels a day. The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.
At the close of last Wednesday’s formal trading session, WTI increased by $3.58 to settle at $107.82. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined by 3.5 million barrels to 409.9 million barrels, approximately 18 percent lower than the level at the end of March 2021. However, crude prices are predicted to reverse course amid news that the U.S. will release 1 million barrels of oil per day from the Strategic Petroleum Reserve. While the pump price impact will be determined by the exact amount of oil purchased in the market and the duration of the daily releases, some reports have noted that releases could last for up to 180 days. If the releases occurred for that long, the market would likely see downward pressure on oil prices. However, the global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil 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.