Georgia gasoline prices surge 15 cents over past week

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Gas pump with a Cobb County Courier logo and a jagged arrow pointed upward

Posted By: Larry Felton Johnson May 16, 2022

Gasoline prices in Georgia surged an average of 15 cents per gallon for regular unleaded 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 $3.98 per gallon.

“Georgia statewide pump price average continues upward climb,” said Waiters. “Unfortunately, crude oil prices remain above $105 a barrel, causing gas prices to rise higher this week.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.961 at the time of this writing, about two cents less 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 increased by 16 cents to $4.47. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.6 million barrels to 225 million barrels last week. At the close of last Wednesday’s formal trading session, WTI increased by $5.95 to settle at $105.71.

The price of crude oil slid below $100 per barrel due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. However, crude prices reversed course because of growing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia, which lead to more market disruption and uncertainty.

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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