Georgia gasoline prices surged 21 cents per gallon over the past week, and with high summer demand combined with tight crude oil supply, there isn’t likely to be relief tor the remainder of the summer, AAA reports.
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 $4.48 per gallon.
“Demand for gasoline continues to grow, and crude oil supply remains tight. This is an indication that consumers may continue to face higher prices at the pump for the remainder of the summer,” said Waiters. “It may be a good idea for Georgians to start setting aside some money now for upcoming road travel.”
The price of a gallon of regular unleaded in Cobb County is $4.516 at the time of this writing, roughly four 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 increased by 17 cents to $5.01 (subject to change overnight). According to data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 800,000 barrels to 218.2 million barrels last week. Meanwhile, gasoline demand grew from 8.98 million barrels a day to 9.2 million barrels a day as drivers continue to fuel up for the summer driving season, typically a time when gas demand increases. This dynamic between decreased supply and increased demand is contributing to rising prices at the pump.
At the close of last Wednesday’s formal trading session, WTI increased by $2.70 to settle at $122.11. Crude prices surged last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns that reduced crude demand. As a result, the current storage level is approximately 12 percent lower than a year ago, contributing to rising crude 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.