Falling oil prices and weak demand have prompted falling gasoline prices both in Georgia and nationwide.
Georgia gasoline prices fell another 14 cents per gallon on average over the past week,.
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 $3.63 per gallon.
“Crude prices fell last week as market concerns about weakening demand and an economic slowdown persisted,” said Waiters. “Lower gas prices at the pump are a welcome relief to Georgians who are impacted by the rising cost of living.”
Prices in Cobb County
The price of a gallon of regular unleaded in Cobb County is $3.78 per gallon 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 16 cents to $4.06 (subject to change overnight).According to the Energy Information Administration (EIA), gas demand dropped from 9.25 million barrels a day to 8.54 million barrels a day last week. The rate is 1.24 million barrels a day lower than last year and is in line with demand at the end of July 2020, when COVID-19 restrictions were in place and fewer drivers hit the road. Moreover, according to EIA, total domestic gasoline stocks increased slightly by 200,000 barrels to 225.3 million barrels. If gas demand remains low and stocks continue to rise alongside falling crude prices, 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.