By Larry Felton Johnson
Georgia gasoline prices resumed their drop after a small rise, falling five cents per gallon on average over the past week. Low demand is the likeliest cause of the drop, as demand for oil is nearly a million barrels per day lower than this same period in 2021.
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 $3.20 per gallon for regular unleaded gasoline.
“The drop in gas prices is a welcome relief to Georgians,” said Waiters. “Crude oil prices, which play a key role in determining what consumers pay at the pump continue to fluctuate. If crude remains low typically gas prices will do the same. But there’s still major uncertainty around how gas prices will trend in the weeks ahead.”
Prices in Cobb County
The price of a gallon of regular unleaded in Cobb County is $3.22, about two cents more 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 9 cents to $3.79 (subject to change overnight).
“According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million barrels a day to 8.68 million barrels a day, and total domestic gasoline stocks decreased marginally from 209.5 million barrels to 209.4 million barrels.
“Although gasoline demand is up slightly, it remains nearly 1 million barrels lower than mid-October 2021.
“Coupled with fluctuating oil prices, low demand has contributed to the national average moving downward. If demand continues to remain low, as oil prices slide, drivers could see pump prices come down 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.”