Georgia gasoline prices continued to plunge over the past seven days, in keeping with the sharp drop of the past few weeks.  Low domestic demand and falling oil prices are the likely cause of the drop.

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 $3.77 per gallon for regular unleaded.

“Low domestic demand for gasoline continues to trigger low prices at the pump,” said Waiters. “Also, if the global price for crude oil does not spike this week, gas prices most likely will not increase. Whether gas prices will tick back up next month remains to be seen.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.92 at the time of this writing, about 15 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 14 cents to $4.22 (subject to change overnight). At the close of last Wednesday’s formal trading session, WTI increased by $2.28 to settle at $97.26. Crude prices increased slightly last week, amidst market concerns about weakening demand this summer, which eased after the EIA reported that total domestic crude stocks decreased by 4.5 million barrels to 422.1 million barrels. 

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.