Georgia gasoline prices continued to drop over the past week, falling 13 cents on average, but prices in Cobb County remain elevated well above the statewide average.

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 $4.19 per gallon.

“Georgia pump prices are drifting lower as crude oil continues to decline,” said Waiters. “So far, the decrease in crude prices have had a noticeable impact at the pump, but if crude prices rise this week consumers could see an increase in gas at their local stations.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $4.38 at the time of this writing, about 19 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.

What are the national trends?

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 13 cents to $4.68 (subject to change overnight). According to the Energy Information Administration (EIA), gas demand increased from 8.92 million barrels a day to 9.41 million barrels a day ahead of the 4th of July holiday, while total domestic gas stocks decreased by 2.5 million barrels. Typically, these supply/demand trends would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices.

Crude oil prices continue to face strong headwinds amid broad market concerns regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. Additionally, EIA reported that total domestic crude stocks increased by 8.2 million barrels to 423.8 million barrels last week, which is nearly 22 million barrels lower than the storage level last year.

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.