Georgia gasoline prices per gallon are up three cents on average over the past week, but a slowing economy could bring a drop in demand, along with lower prices. National averages declined three cents 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 $3.25 per gallon.
“Crude oil prices dropped due to ongoing market concerns about crude demand as fear of a recession has increased,” said Waiters. “If economic growth stalls or declines, crude demand is likely to follow suit alongside prices. Typically, if crude prices fall then gas prices decline, therefore, Georgia drivers may see prices dip at the pump this week.”
Prices in Cobb County
The price of a gallon of regular unleaded in Cobb County is $3.25 at the time of this writing, matching 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 3 cents to $3.88 (subject to change overnight).
“According to data from the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million barrels a day to 8.28 million barrels a day a week ago, and total domestic gasoline stocks increased by 2 million barrels to 209.5 million barrels.
“Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues to drop, as oil prices slide, drivers could see pump price increases slow and decreases grow this week.”
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.”