Georgia gasoline prices rose five cents per gallon on average over the past week on the news that OPEC plans to cut production. Reuters reported that “OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% of global supply – was necessary to respond to rising interest rates in the West and a weaker global economy.”
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 $3.22 per gallon for regular unleaded.
“Gas prices across the South, East coast, and the Northeast continued to climb after the announcement that OPEC (Organization of the Petroleum Exporting Countries) planned to cut oil production,” said Waiters. “Traditionally during the fall and winter driving seasons gas demand declines. If this holds true drivers may see a price drop in the weeks ahead.”
Prices in Cobb County
The price of a gallon of regular unleaded in Cobb County is $3.28 at the time of this writing, about six 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:
“Gas Demand Spikes, Contributing to Rising Pump Prices
“Since last Monday, the national average for a gallon of regular gasoline has increased by 12 cents to $3.91 (subject to change overnight). According to data from the Energy Information Administration (EIA), gas demand increased nationally from 8.83 million barrels a day to 9.47 million barrels a day last week, and total domestic gasoline stocks decreased significantly by 4.7 million barrels to 207.5 million barrels. High gasoline demand, amid tight supply, has led to higher pump prices nationwide.
“Pump prices on the West Coast have increased due to ongoing refinery maintenance at roughly six refineries, severely limiting the region’s supply. However, refinery restarts and California officials allowing less expensive winter-blend gasoline to be sold a month ahead of schedule should offer drivers relief at the pump in the coming days.”
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.”
