Georgia gasoline prices continue to plunge along with national drop

Gasoline pump resting in its cradle

Georgia gasoline prices plunged by 11 cents per gallon on average over the past week, continuing the steady drop of the past few weeks. Cobb County prices are 17 cents higher than the statewide average, but both are below the national average of $3.96.

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 $3.52 per gallon for regular unleaded.

“Georgia pump price average is trending 43 cents lower than the national retail price,” said Waiters. “Declining global fuel demand and summer travel nearing an end continues to influence lower gas prices. Also, crude oil supply remains tight. It is uncertain whether gas prices will continue to fall in the coming weeks.”

Prices in Cobb County

The price of a gallon of regular unleaded in Cobb County is $3.685 at the time of this writing, about 17 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.

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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 11 cents to $3.95 (subject to change overnight).According to the Energy Information Administration (EIA), gas demand increased from 8.54 million barrels a day to 9.12 million barrels a day.

However, the rate is 307,000 barrels a day lower than last year. Moreover, according to EIA, total domestic gasoline stocks decreased by 5 million barrels to 220.3 million barrels. Although gasoline demand has increased and supply has tightened, lower oil prices have helped lower pump prices. If oil prices continue to decline, drivers will likely continue to see pump prices decrease.

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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