Georgia gasoline prices drop over the past week with decline in crude oil prices

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

Georgia gasoline prices dropped seven cents per gallon on average over the past week, driven by a decline in crude oil prices. Cobb County prices are ten cents more on average than the statewide level.

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 $4.40 per gallon for regular unleaded.

“Georgia pump price average has managed to decrease across the state,” said Waiters. “If crude oil continues to decline, its possible gas prices will follow suit this week as more than 1.3 million Georgians prepare to hit the road for the 4th of July holiday weekend.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $4.50 at the time of this writing, about ten cents more expensive 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 decreased by 8 cents to $4.90 (subject to change overnight). Last week the Energy Information Administration (EIA) did not release gasoline demand/supply and domestic oil inventory levels data due to “systems issues.” However, if gas demand continues its downward trend, it may contribute to pump prices decreasing this week.

At the close of last Wednesday’s formal trading session, WTI decreased by $3.33 to settle at $106.19. Crude prices dropped amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and 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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