Georgia gasoline prices continue to fall, driven downward by decreased demand/lower oil prices

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

Georgia gasoline prices dropped fifteen cents per gallon on average over the past week, driven downward by weakened demand and lower oil prices.

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 $4.04 per gallon for regular unleaded.

“The decrease in demand, alongside declining oil prices, has helped to lower gas prices,” said Waiters. “As these supply/demand dynamics hold, drivers will likely continue to see relief at the pump.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $4.22 at the time of this writing, maintaining a level well above the the statewide average. The core counties of metro Atlanta have higher average prices than the state 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 15 cents to $4.53 (subject to change overnight).According to the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels a day to 8.06 million barrels a day last week, while total domestic gas stocks increased by 5.8 million barrels.

At the close of last Wednesday’s formal trading session, WTI increased by 46 cents to settle at $96.30 Although crude prices increased slightly due to the market expecting demand to remain robust throughout summer, longer-term market concerns about the potential for a recession due to rising interest rates and inflation created headwinds for oil prices last week. Declining crude demand, due to reduced economic activity or continuing COVID-19-related lockdowns in China, could continue the downward trend of gas prices.

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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